Simplifying the Legalities of Senior Real Estate
For adults over 50, managing investments, finances, and property can complicate buying or selling a home. It's essential to retain an attorney specializing in elder law who understands these complexities. Your SRES® can help you find the right elder law attorney for your needs.
What Your Elder Law Attorney Can Do
An elder law attorney can structure legal documents and transactions to protect your assets and benefit you when buying or selling your home. This may include:
Estate and Trust Planning: Minimize taxation on the sale of your home.
Power of Attorney and Healthcare Directives: Assign these before listing your home to protect your family's interests in case of illness, incapacitation, or death.
Wills and Trusts: Create these documents with consideration for your home.
Income and Benefits Analysis: Assess the impact of your home’s sale on other income sources and benefits.
Contract Review: Examine and assess contracts related to the sale or purchase of your home, and those associated with senior living facilities.
Assistance Program Qualification: Identify and assess your eligibility for senior assistance programs.
Elder law attorneys, like SRES® professionals, are trained and experienced in issues commonly affecting adults aged 50+. According to the National Academy of Elder Law Attorneys, these issues may include:
Asset Preservation: Avoid spousal impoverishment when a spouse lives in a senior living community.
Medicaid Planning
Medicare Claims and Appeals
Social Security and Disability Claims and Appeals
Special Needs or Disability Planning: Assigning power of attorney, creating wills, and trusts for financial management and healthcare decisions in case of incompetence or incapacity.
Guardianships
Probate
Trust and Estate Management
Long-term Care Planning
Elder Abuse
Retirement, Survivor, and Pension Benefits
Not all elder law attorneys specialize in every aspect of elder law, so it's important to choose one that fits your specific needs.
Clarifying the Financial Picture
Real estate is a key component of your overall financial portfolio. But how does it integrate with taxes, retirement savings, long-term care, inheritance, and other financial considerations? As your Senior Real Estate Specialist (SRES®), I am here to simplify these complex financial relationships.
Financial Expertise for Your Entire Portfolio
With specialized training in serving the 50+ community, your SRES® provides expert guidance on the financial implications of real estate ownership. From reverse mortgages and taxes to assistance programs and 401Ks, you'll receive professional advice and support to help you make informed financial decisions about your home.
Reverse Mortgages
If you're 62 or older, a reverse mortgage might be a viable option to convert your home’s value into cash. Here’s what you need to know.
What is a reverse mortgage?
No repayment is required as long as you live in your home. The loan is repaid when the home is sold, if you move out, or upon your passing. It's a loan against your home’s equity. Payments can be received in a lump sum, monthly supplements, or as a line of credit. The loan amount will never exceed the home’s value; if the home is worth less at repayment, you only pay up to the current market value. If you need cash but wish to stay in your home, a reverse mortgage could be the solution.
Managing Taxes
Selling your home can present various tax challenges. I will help you navigate the tax structure and introduce you to legal, accounting, and tax professionals to maximize your home sale profits.
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