Keeping Your Family Camp in the Family for Future Generations with Timothy P. Benoit

EP 035: For many Mainers, families have a place where they retreat to during the spring, summer, and fall months and enjoy the best that Maine weather has to offer. Many families use this place, AKA camps, as the retreat where the family "from away" vacation to and reconnect with family members that are here. There are sounds of children swimming and jumping in the water, the firepit and bonfire by the water have s'mores, laughter around the dining table, swapping stories while playing cards, water skiing or tubing, kayaking, and so much more. For many previous generations of Mainers, there's this shared bond of doing these activities with those we love the most or even a great place to bring your dearest friends. Due to all of these precious memories, it's not surprising that we want to continue to have future generations use the camp in this way. But it's not that simple, is it?   Enter the concept of having legal, financial, and family structures in place to see this plan through.  Today's guest is an attorney and has worked with many families on preserving this legacy asset to preserve family cultures. He provides estate planning to individuals and integrates his business practice with his estate planning practice to assist clients to develop an orderly succession plan for their businesses.  He is a shareholder of Perkins Thompson and formerly a member of the firm’s Executive Committee. He has been selected by his peers to be included in The Best Lawyers in America© 2007-2020 in the field of Tax Law.  Please welcome to the Retirement Success in Maine Podcast, Tim Benoit!   Chapters: Welcome, Tim! [2:10] In Maine, how do we define what a camp is, and why are we so emotionally tied to them? [6:25] What are the necessary ingredients needed for someone to successfully preserve a camp, and on the flip side, what have been the biggest mistakes that people make when trying to preserve their camp? [11:15] How does the future generation address the ending of the preservation of a camp? [26:12] How have the legal structures used in preserving camps changed over the years? [33:37] When is it appropriate for someone to take the legal steps to preserve their camp? [38:13] What is Tim’s definition of Retirement Success? [43:12] Abby, Ben, and Curtis wrap up the episode. [44:40]