Intro In the world of estate planning, the question of whether seniors should place their new home purchase in a trust is increasingly pertinent. As seniors downsize or relocate to meet their changing lifestyle needs, understanding the implications of placing a new home in a trust becomes crucial. For many seniors, a home is not just a significant financial asset but also a repository of family...
With a solid grasp of your financial standing, you're now ready to develop a budget for your new residence. A realistic budget extends beyond the initial purchase price of the property. It should also account for continuing expenses such as home insurance, property taxes, maintenance costs, and utilities. These are recurrent expenditures that must be met and should therefore be factored into your budget....
Is it Time to Move into a Single-Story Home? Once the kids have left the nest, you may be wondering what to do with all of the extra space in your home. Chances are, you don’t need four bedrooms anymore, and it may be a great time to sell your house and downsize, maybe even into a single-story home. You’ve likely gained significant equity if you’ve lived in your home for a while, so making a...
Does “Aging in Place” Make the Most Sense? A desire among many seniors is to “age in place." According to the Senior Resource Guide, the term means, “…that you will be remaining in your own home for the later years of your life; not moving into a smaller home, assisted living, or a retirement community etcetera.” There is no doubt about it – there’s a comfort in...