Before You Buy That Jet: Considerations on Big Purchases

Larger "lifestyle" purchases, be it a vacation property, a private plane or a thoroughbred horse, typically come with a series of decisions beyond determining, what should I be paying for this?

Take a home purchase, for example:

  • How should it be purchased -- cash or cash and debt?
  • Should it be purchased in trust?
  • If so, what kind of trust? Whose trust?
  • If not in trust, should you utilize private debt from the trust to finance the purchase?
  • Should the debt be structured as a mid-term note or a long-term mortgage, which would require filing?
  • Have all the insurance and carrying costs of

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