Category: Elder
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How the Beneficiary Claims a Transfer on Death Deed
A transfer on death deed is designed as a simpler way to pass a home along to someone else—in states that allow these deeds. With the TOD deed, a home passes much the way a bank account passes to the account holder’s named beneficiary. Ownership is transferred in a fast and inexpensive manner. Usually. Here…
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Transfer Current Deed When Moving to Senior Care: Wise Move or Not?
You’re thinking of transferring the deed to your home and moving to an assisted living community. Is this a good idea? Can it keep the deed from being taken over to pay for care? Is it the best way to get the deed to your chosen beneficiaries and keep the transfer from becoming a probate…
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Older Adult Deed Holders at Work: We See You
Working past “retirement age” has gone mainstream. Twelve million people aged 65+ continue to work. Many hang onto their deeds. And this includes deeds to every kind of home. Baby boomers without children present now own more 3+ bedroom homes than millennial parents with children. In the past year, for the first time ever, the…
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Be Ready. The Great Generational Deed Transfer Comes With Some Extra Baggage
The earliest-born boomers are reaching their 80s this year. And, inevitably, many of their deeds are poised to move to younger generations. Along with those deeds, the beach-themed garden gnomes are coming, too. Yes, the vast majority of real estate inheritances come loaded with stuff. Here’s how to plan ahead for this scenario.
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The Future of Retirement: Mortgage Debt and Smaller Social Security Payments?
Social Security has been working for 91 years. Over these nine decades, the retirement experience has changed a lot. Today’s over-60 crowd is working longer and harder, for one thing. Largely gone are the days when housing expenses tapered off with age. Paid off your mortgage? Congrats! But insurance premiums along with taxes on a…
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If I Can’t Age in Place, What Are the Options?
Most older adults want to live in their own homes as long as possible. Sometimes it’s possible. Sometimes, workarounds are needed. When charting the path ahead, consider these alternatives.
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Medicaid Estate Recovery: Is Your Deed Safe?
If you qualify for Medicaid, you don’t have much money in your accounts. But you’ve held onto your deed. Maybe your adult children are helping with household expenses, expecting the home to stay in the family. But will it? Or will Medicaid claim your home after your death—as repayment for benefits extended to you while…
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Check Is on the Way: How to Get Your New Jersey Senior Tax Rebate
New Jersey is in the process of sending out checks for its “Senior Freeze” on property taxes. Older adults in New Jersey are receiving checks now. This is one way to help offset New Jersey’s rising homeownership costs, so don’t let it pass you by. It’s not too late to file if you haven’t done…
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Older Adults Are Holding Record Amounts of Home Equity. Can Their Heirs Afford to Keep It?
Older adults are poised to pass along roughly $19 trillion in home equity over the next two decades. But the wealth is unevenly held. Many seniors struggle to preserve the equity they have. And even if they can, will their heirs be able to do the same? More than a fourth of homeowners aged 65+…
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Avoid the $20K “Age Penalty”: Maximize Your Home Equity and Sell for Full Price
Statistics show that, all other things being equal, older homeowners tend to receive lower sale prices. Why? And, more to the point, how can you—or a senior in your life—buck that trend?
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New York Seniors: Have You Enrolled in STAR Credit Direct Deposit?
Too many New York residents are struggling with housing expenses and the costs of utilities, medicines, groceries, transportation, and other necessities. Recently, Governor Kathy Hochul announced that nearly three million homeowners across the state will receive over $2 billion in property tax relief this summer and fall. This year’s School Tax Relief (STAR) benefits…
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Your Child Will Be Your Successor in Interest. What Does This Mean?
A successor in interest may be the person who inherits your home or otherwise receives an ownership interest from you. It’s a person who takes on the rights and responsibilities connected with the deed. In short: A “successor in interest” is someone who acquires an ownership interest from another party. Your child would also be…
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Can a Transfer on Death Deed Save Your Family Money?
Seniors hold deeds to a third of all owner-occupied homes. In the coming years, they’ll spend a lot of money in estate planning. Those who want a simple, cheap way to transfer the home at death have a new option in many states: the transfer on death deed (also known as a TOD deed, or…
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Head Off Family Fights in Advance: 8 Smart Estate Planning Moves for Deed Holders
No doubt you’ve experienced it, or more than a few of your friends have. Parents pass on, and then the adult children aren’t speaking. It can happen in any family. Well, you might think, I won’t have to deal with such matters once I’m gone. True. But your heirs (called “beneficiaries” if you use a…
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Power of Attorney Between Joint Owners
If you hold a deed jointly, you might wonder what would happen if one joint owner becomes incapacitated. Can just one of you carry out refinancing or a sale on behalf of both of you? With a power of attorney (POA), one co-owner—called an agent—can sign legal agreements for the co-owner—called the principal—who loses the…
