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Selling Your Home as part of

Estate Planning

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Estate Planning & Real Estate

A major component to every good estate plan is designating what will happen to your real estate holdings. Of course, you could sell and downsize sooner rather than later leaving your heirs more cash instead of a house to distribute. You could deed over your real estate now and mitigate any disagreements within the family – but, in that event, where would you live?

Real Estate & Estate PlanningAccording to AARP, it is becoming more and more popular to age in place. If your home is suitable for this, you too may be considering this option. But what if your home isn’t suitable? For example, you may find the multiple levels of your home more dangerous and challenging as you age. Perhaps your bedrooms and bathrooms are too small. Maybe your house is just too large now and maintaining it long-term is going to be expensive and tough. Any changes you may be considering to your home is best done when you have the time and patience to work out the details – or this may give you time to find a home that truly best matches your needs and wants as you age.

If you’re primary planning it to leave your home to your heirs instead of selling, you may want to ask yourself why? Do any of them plan on living in the home? Will one person manage it as a rental? What is your expectation with the home after you pass it on to them? The most common answer is that they’ll sell it and distribute the proceeds – in which case, be sure you discuss this point specifically with a financial planner or estate attorney as they may have strategies to mitigate tax liability and other risks.

You may want to explore selling your home while you’re healthy and able and place the proceeds in a trust towards health and long-term care expenses. Doing this, may lower your net worth and improve your eligibility for aid programs such as Medicaid. This may help subsidize your health insurance and long-term care while not removing your access to funds which may be necessary down the road – this is called Medicaid planning and has become quite popular as insurance rules fluctuate and change leaving many people unable to afford insurance and long-term care.

Bottom line, this is an area that requires early conversations and careful planning. For many, their home represents their single largest asset and a cornerstone to a good quality of life. This is not a subject to procrastinate with. Speaking with a REALTOR® may help you understand local value trends and growth expectations – information a financial planner may need in exploring all your options.

Real Estate & Estate PlanningWhy planning is so important.
  • Real estate is a complex asset with ongoing costs and maintenance required; it’s important that the people caring for this asset manage this aspect while the family decides on what they are going to do with the home.
  • Homes are often tied up emotionally and this may adversely impact family relationships.
  • Homes are not very liquid. The person (or people) inheriting the property may incur legal fees, taxes, and other costs due upon transfer whereas the home itself may not sell for quite some time.
  • Outstanding debt. If there is still a mortgage on the home any liquid assets in the estate would need to be used to pay off the mortgage – this may be unplanned and unexpected and adversely impact the distribution of the remaining estate.

Proper planning helps clear up any confusions or misunderstandings and ensures you understand who is getting what, when, and how.

Brett Schlieker

Brett Schlieker

Associate Broker & GRI

208.250.8807

brett@schliekerrealty.com

www.SchliekerRealty.com

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Service Area

Boise, Idaho – As the fastest growing metropolitan area in the country, the Treasure Valley is simply exploding in growth – a fact you probably face with every morning and afternoon commute. While much of this growth has primarily affected Boise, Meridian, and Nampa, the growth finds itself even spilling into communities such as Middleton, Kuna, and Caldwell.

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Your Local Real Estate Expert

Brett Schlieker

Brett Schlieker

Brett Schlieker

Associate Broker & GRI

208.250.8807

brett@schliekerrealty.com

www.SchliekerRealty.com

I have lived in the Treasure Valley for 20+ years and I believe it to be the best part of the country. I know what it’s like to relocate to a different town, county, state and most of all a new home. Originally from Colorado I have been in your shoes. The stress, anxiety and the fear of the unknown is a lot to take on. Life changing decisions have to be made in a swift and timely manner. I will assist you thru relocation with stress free personal service. I have always been known for going the extra mile! Let me earn your trust, your business and most importantly your friendship.

As a Homes of Idaho agent who’s an expert in this local area, I pride myself on offering superior personal service before, during and after your transaction. Knowledge, commitment, honesty, expertise and professionalism are the cornerstone of my business. It’s not the same everywhere, so you need someone you can trust for up-to-date information. At Homes of Idaho we believe in providing First-Class Service through our technologically advanced office and systems. Our licensed and trained agents have decades of accumulated service. Our Broker is a very customer centric person, so the customer always comes first!

When Looking For Your Next Home:
You need someone who knows the area inside and out! I work with you to find the right home at the right price for you, including all the neighborhood amenities that matter – not to mention the essential criteria you have for your ideal home. I bring a wealth of knowledge and expertise about buying and selling Real Estate here in the Treasure Valley. I look forward to making your property dreams come true!