Selling Your Parent's Home: Implications and Considerations

Boomer Banter, Real Talk about Aging Well

In this episode of Boomer Banter, host Wendy Green and certified financial planner Justin Smith delve into the intricate process of selling your parent's home. This is an emotionally charged, multi-faceted issue that can significantly impact your family's financial future. From tax implications to long-term care planning and probate avoidance, they cover many aspects you need to consider for a seamless and equitable transition. If you're a Boomer looking to make informed decisions about your parent's property, this episode is a treasure trove of wisdom and practical advice.

Takeaways:

1. Complexity and Emotional Considerations: The complex and emotionally charged nature of selling a parent's property. Importance of understanding your parent's wishes and resources.
2. Family Dynamics and Communication: The importance of open communication and reaching a consensus among siblings to avoid conflicts regarding care expenses and inheritance.
3. Tax Implications: Learn about primary homeowner capital gain exclusion, cost basis step-up, and strategies to minimize tax burdens.
4. Learn about assessing your parent's resources and needs, so you and they can make informed decisions about using home equity for care or investing in assisted living.

Links:

Connect with Justin Smith for more valuable insights and estate planning guidance.

Find him on LInkedIn.

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