We are exploring selling our home to pocket the equity before climate change resets the market. We will pay far more in rent in the short term but fear what will happen to values after another storm season. Plus we’re getting too old to go through that. The main hesitation is getting enough, nearby rental availability, old pets that love our yard, and the trees that a developer will take down after dividing the oversized lot. But we are ready to give up our house. Still hang up on all the cold calls.
Amen and beautiful. A while back my wife made a little money from realtor friends sitting with old homeowners, usually widows, who had sold and had a deadline to get out but could not go through their stuff. She would sit with them patiently, help them decide, and securely pack and label what they were keeping. She made a few dollars but said it was more a ministry.
I’m 71, the wife 70. We will pass our “paid for” home on to our son once we kick the bucket. He’s 47 and has a townhome in an area that rents well. He will move into our home and rent his townhome for extra income. With all the uncertainty we figured setting him up is the way to go out. Fortunately we are able to do that whereas many others are not. We are blessed and want to pass it on to our only child.
We are blessed, our generation. I hope you are able to do that. But there is every possibility that the local RE market will substantially reset downward once climate change prices in. Rationally, it should have already. That is our fear.
Unless the dems set up new laws to take away your assets. This is exactly what I want to do for my children too. The dems are after other peoples money…plain and simple.
We are in a 55 and over community in a 4 year old home. Our plan is to be here until the end. Real estate prices aren’t our concern. My son will be able to live rent and loan free and rent his townhome for a substantial amount. If I were considering a move for whatever reason I would be thinking the way you are. We moved here last year from a condo on the beach. Gorgeous place with sunsets from our living room window. Hurricanes, storm surge, red tide, and 1K a month association dues along with upcoming assessments made us decide to move. We sold while the market was still hot even though it had slightly lessened. Super happy where we are now. It’s only 10 minutes from our son and 2 of our grandkids.
Laws usually don’t take affect without some notice. Go through an attorney or financial planner and you can usually set yourself up to avoid what you are implying. I don’t think there’s any way other than confiscation anyone can seize your assets. That would be met with physical violence and I’d be right there fighting it. I’m 71 and won’t see any of it should it occur.
I’m referring to inheritance taxes and the such. They’re always thinking of new ways to take from others. It’s not a secret which party wants to squeeze your wealth. I speak to attorneys who know this game. It’s sad that democrats are after our money and we have to pay people to stay a step or two ahead of them. #nevervoteblue
I support some in theory. I understand them, but I wouldn’t say I’d hold a sign by the side of the road in favor of it. lol.
One factor is always, or at least usually, how far away the kids are. If they're out of town, you need room for them to visit. In town, you don't.
The current minimum taxable estate is $13.1 million. The Democrats have made no proposals to decrease the minimum taxable estate although the wet dream for Republicans is to eliminate the tax in its entirety to please their megadonors. I would add that even when the minimum taxable estate was lower almost no estates are subject to the tax. Perhaps the most effective example of political public relations b*ll sh*t was the decision by Republicans to refer to the estate tax as the "death tax". The effect of relabeling the tax was to create the impression that it affected almost everyone since death is a truly universal experience although the reality was and is that almost no estates are actually subject to the tax. Currently 99.8 percent of all estates pay no federal estate tax.
Wait, in the progressive mind all property rights cease at death and everything must be given to the federal government for redistribution to others, especially some “protected group”.
