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June 4th, 2024

Selling Your Parent's Home: Implications and Considerations

  1. Selling Your Parent's Home: Implications and Considerations Wendy Green 45:19

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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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Wendy Green Blogger, Podcaster

Hey, Boomer! goes beyond the surface, exploring the complexities of family relationships, maintaining health, navigating caregiving, coping with divorce or widowhood, financial concerns, housing and technology. It's the podcast that acknowledges the challenges and opportunities that come with aging, with a compassionate and realistic approach.

Join fellow Baby Boomers every week for insightful interviews and genuine discussions on the topics that matter most to help prepare us to age well.

Hosted by Wendy Green, her conversational style ensures every episode feels like a heartfelt chat between friends. Her guests range from experts to everyday individuals, bringing their wisdom and experiences to the table, creating an atmosphere of trust, understanding, and genuine connection

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