Lifestyles over 50 Finance & Money
Transitioning to Senior Living is not always easy. Some people move to downsize and free themselves from home maintenance, others for socialization and yet others for the assistance with daily activities. Regardless of the motivation, the move represents change, which can be emotionally draining.
One aspect of the move that can be made easy is selling your home. Using an experienced realtor not only helps you delegate the task but also ensures that you maximize your home’s value in a timely manner. Often people rely on their home’s equity to help fund their next stage in life; the sale of property is an important step in the transition to senior living.
You spend your whole life building your legacy but sadly, that is not always enough. Without careful tax planning, much of it could be lost to taxes or misdirected. While a will or living trust is essential for dividing your estate as you wish, an efficient tax plan ensures you pass on as much of your legacy as possible.
Who’s in Charge?
Part 1 of this series told the story of my 88 year old mother-in-law, Aggie, and the 2-year struggle she faced to make the changes she clearly had to make. Then, in our second installment, we found Fear of the Unknown is the biggest obstacle to thinking about moving: The process of moving looked Overwhelming to Aggie… as it does for many of us.
“In almost 40 years in real estate one of the most important things that I have learned is to have clear communication with clients and not to assume that we are all speaking the same language.” Below are the five real estate terms that Elissa reviews with her clients to ensure clear communication and the best possible outcome:
A reverse mortgage may help you pay off debt and provide breathing room John and Carol love getting their grandchildren off the bus, volunteering at church, and going for long walks together at Trexler Park in Allentown. They worked hard all their life but still have a small mortgage remaining on their home. Although retired they are in good health and very active. “I keep busy doing the things I enjoy and being with people that I love,” says John of his golden years. To make extra money John works part-time at a hardware store. Both are in their early 70s and receive social security as well as a small pension from John.
The real estate pundits are predicting another good year for sellers in 2018. Prices are expected to rise as there is reportedly an inventory shortage. Although its cold out there right now, things will be heating up quickly. If you want to sell your home in 2018, even if its not until later in the year, then its time to prepare now. Below are easy tips to start transitioning your home to put it on the market.
The idea of selling your house and moving to a new location looks OVERWHELMING and MONUMENTAL! Living there for years surrounded by mementos and memories, the thought of leaving is more than you can bear. Your home is so familiar, so comfortable, and so much a part of you and your family’s life thinking of leaving leaves you with dread and loss.
Consequently, retirees often don’t want to make any big changes like this. But for most the times comes when staying in their current home is simply no longer safe or wise.
There are big changes coming to your Medicare card next year. Starting in April of 2018, people with Medicare will begin to receive NEW Medicare cards with one major difference – your Medicare number, which is your Social Security number, will not be on the card. Because of increased concerns about identity theft and other safety reasons, your Social Security number will be replaced by a random 11-digit number that is unique to you with no identifying information. This change is being made to protect the security of your information, and your identity.
Medicare Open Enrollment for 2018 starts October 15 and remains open until December 7. During this annual enrollment period (AEP) you can make changes to various aspects of your coverage. You can switch from Original Medicare to Medicare Advantage, or vice versa. You can also switch from one Medicare Advantage plan to another, or from one Medicare Part D (prescription drug) plan to another.