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Step 5 Invent Solutions for Elderly Issues and Dealing With Parents

Step 5 Invent Solutions for Elderly Issues and Dealing With Parents
No family will completely escape the numerous elderly issues that are possible. So much to learn. So much to understand.

What You've Done So Far Now that you've begun the conversations with your aging parents, you've worked hard to build a partnership. As they shared a variety of concerns, you were careful not to jump to conclusions and took on the role of detective to get at the root causes. Bravo! You're being intentional in your approach to dealing with elderly parents.
Once you were clear about the true nature of the problem, you went on to research all the options. If you've done your homework, thoroughly, you have lots and lots of possible solutions.

It's tempting to reach into a hat and pull out the "winner". You've been at this for a while and you'd like to get onto the next step. Now is not the time to end the conversation. Your parent's very best option is one th…

Is Your Home A Burglar Magnet?

Is Your Home A Burglar Magnet?WRITTEN BY JAYMI NACIRI
The thought of a home break-in is terrifying, but are you doing everything you can to prevent one? You might be making critical mistakes that make your home a burglar magnet, or, at least failing to take advantage of easy fixes to make your home less attractive to thieves. While break-ins have been declining over the past decade, "It's estimated that a home burglary occurs every 15 seconds in the United States," said "That means that during the 10 minutes it takes you to read this post, approximately 40 homes will have been burglarized." Taking a few steps now can help ensure you're not one of the unlucky ones. Protecting your house during the day "When someone breaks into your house, it's usually in the middle of the night - a masked, anonymous man swipes your jewelry before fleeing in an unmarked car. Right? Nope," said Architectural Digest

What Is Your Property Really Worth?

What Is Your Property Really Worth?
Qustion. Over the years, I have been involved in questions dealing with the value of certain property. This has involved such diverse issues as appealing the County's assessment for tax purposes, obtaining a refinance mortgage to avoid private mortgage insurance, and recently challenging an IRS valuation of property we just inherited. Is there a way to determine what our property is really worth. We have often obtained different appraisals on the same property, and would like to determine our true net worth. How do the appraisal prices work? Answer. The most commonly used method to determine the value of one's property is to obtain an independent appraisal from an experienced appraiser. However, appraising market value of real estate is an art -- and not a science. And at best, it is an inexact art. My own experience with appraisals and appraisers has led me to question the validity of a number of appraisals. It should be understood that an a…
Will The Stock Market Affect Your Home Purchase?
The wild stock market of the past week has sent some into a panic and caused many others to take a closer look at their financial picture. But what is the stock market's impact on real estate, and should you worry if you're getting ready to buy a new home? Not much at this point, and not really, say financial experts. So why isn't a 1,175-point drop - the largest single-day dip in history - not a concern? First, because most financial experts saw some sort of correction coming because of the robust market over the last two years (and, as many expected, the market bounced back with a 567-point gain on Tuesday, although there could be more volatility in the short term). "The stock market has been on a roller-coaster ride since late last week, with a historic one-day plunge in trading, and a ripple effect that struck the rest of the globe Tuesday," said Inman. "But most economists will tell you the h…
Death And The Stepped-Up Basis

Question. My wife and I are retired and are in our seventies. We have two children, and our house is currently worth approximately $300,000. We purchased the property many years ago for $32,000, and currently have a very small mortgage and a $40,000 home equity loan. We are debating on whether to sell the house and take the up-to-$500,000 exclusion of gain, or to let our children inherit the house when we pass on. What are the implications of all of this appreciation on our estate if we do not sell our house before we die. Must my heirs pay tax on the entire appreciation? How is this covered in the Tax Code? Answer. This is a very complicated issue, and you must seek advice from your tax advisors. It is especially important now that Congress has enacted a major change in the tax laws -- much of which is still under review by the tax experts. You should also discuss your concerns with your children, although the final decision can only be made by you. Over…
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