Category: Elder
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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…
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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…
