Category: Elder
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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…
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Three Estate Planning Moves Smart Seniors Avoid
You already know that naming your children on your deed is probably not good tax planning for the next generation. But what other, less obvious deed mistakes do smart seniors avoid? Here are three to consider.
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Estate Planning? Elder Law? Which Do You Need?
Estate planning focuses on what happens with everything you own after death. Elder law addresses legal and planning needs late in life: decision-making authority, asset preservation, and support during physical changes that occur with age. Read on for a more detailed overview and comparison.
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Joint Owner With Survivorship Rights, Not on the Mortgage
Perhaps your home’s deed is vested as JTWROS, but the joint owner is not on the mortgage. Will this be an issue if you pass away before your final payoff? This is a common situation for joint deed holders. The good news? This is not complicated. When a property is held by joint tenants with…
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Five Key Steps To Protect Senior Deed Holders From Scams
Older homeowners, especially those whose mortgages are paid off, can be targeted for deed theft. The crime involves someone else pressuring a vulnerable senior or forging documents to gain control over the property’s value. But good, timely planning can protect the senior—and, ultimately, protect the senior’s heirs in turn.
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Operation Hard Money: How a Team of Mortgage Scammers Exploited Los Angeles Seniors Through Title Fraud
The FBI recently arrested 11 people in Los Angeles. The investigation involved people who went after more than $17 million in deed theft, say prosecutors. To get that money, they repeatedly attempted financial fraud. The swindlers allegedly took over the titles to their victims’ homes so they could exploit them for loan collateral. Older adults…
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Pennsylvania Supports Deed Holders Who Offer Domiciliary Care for Seniors
In participating Pennsylvania counties, the Domiciliary Care Program provides safe, comfortable home living for seniors, or adults of any age from 18 up, who need help with daily living. Are you a Pennsylvania homeowner aged 21+? Would you share your home and provide daily support to someone who needs you? If so, you might qualify…
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Cashing in the Deed and Moving to Retire
A deed is a key asset as you approach retirement. If you opt to sell your home, you’ll have the equity at your fingertips. You might opt to downsize, or you might decide to rent at a retirement community, or move downtown for the culture and convenience. Here are a few points to consider—and an…
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Seniors Want to Know: The Best Way to Hold Title to a Home
Buying a home? Downsizing into a condo community? Maybe you’re acquiring a deed for the first time in many years. And you’re thinking of how your deed will eventually transfer your new home to loved ones. The way you vest ownership with your deed supports your goals. Be ready when the title company poses…
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Planning to Sell a Dated Home? 3 Best Bets for a Senior Deed Holder
When you (or your senior relatives) need to sell a dated home, what’s the best strategy? If you’ve happily held onto one deed for a long time, perhaps your success is apparent in the home’s interior. In other words, the home might look quite lived-in! Given so many younger buyers out there, looking for inexpensive…
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Senior Property Tax Exemptions and Freezes: What Deed Holders Should Know
If you own your home and you’re 65 or older, you could be leaving money on the table. Nearly every state offers some form of property tax relief for seniors, yet millions of eligible homeowners never apply. Why? Because most taxing authorities don’t notify you. You have to discover these programs, confirm your eligibility, and…
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Senior Under Guardianship: Target for Fraud?
Sleazy schemes often target people at their most vulnerable. Perhaps the most vulnerable time in all of our lives comes in old age. At some point, older deed holders who want to manage the value of their property become likely to lose the capacity to do so. One legal mechanism for carrying out an impaired person’s business…
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HECM: Can It Ease a Senior’s Financial Stress?
A home equity conversion mortgage (HECM) is a lesser-known financial tool designed for seasoned deed holders. At essence, it’s a reverse mortgage. Backed by the FHA, it allows qualified seniors to reach some of their home equity while holding onto the home.
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Passing Your Texas Home On, With a Lady Bird Deed
A lady bird deed is simply an enhanced life estate deed. It’s popular with older adults who want to keep lifetime rights in a deed and then have it smoothly pass along to the next owner. It’s a unique way of conceptualizing co-ownership. It divides the value of real estate in time segments. The enhanced…
