There was a time in America when children took over the home of their parents after they passed. They simply moved in and took over, and the torch was passed with little more than a simple move-in. Back then, things were simpler: no Internet, no 24-hour news, and some would say a more reasonable approach to passing your home on to your kids. Today, there are a number of ways to pass on your home to the kids and some of them make for sensible estate-planning strategies too. The good thing is they can also be tax free. Read more here.
After the kids have moved away, the space you own feels like it just got a whole lot bigger. And that’s great for a time. Then it might feel too big. Then you retire and it becomes clear that the time to move has arrived. Looking for housing that fits your needs, has the amenities you want and is in a location you like may seem like a lot to ask, but preparing for the home search can help. Dealing with someone specifically tuned in to the needs and concerns of seniors may be the right move, with many agencies providing Senior Real Estate Specialists. Read more about affordable senior housing options here.
Doing your homework before you invest goes without saying. Getting trusted and knowledgeable advice from people you know, not acting under pressure, and learning as much as possible are all sound methods. As a senior citizen, you may also need to consider ulterior and unscrupulous motives as well. Fraud is increasingly directed at seniors as they become a bigger and more lucrative target for scammers and con artists. Read more about 10 signals that indicate something doesn’t add up here.