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Estate Planning Archives - Greenwald and Gerke Real Estate

03

Mar
2016

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In Estate Planning

By Ron Greenwald

When Letting Go Means More Independence

On 03, Mar 2016 | No Comments | In Estate Planning | By Ron Greenwald

Quite often, seniors and their family members need advice about what to do with their home and estate. Aging adults often want to age in place because of the memories that were shared in the home. But there are times when it makes sense to sell the property and move into a new living environment. What’s the best solution?

Each situation is unique. It’s essential to think through the senior’s needs at this time of life.

They may be resistant to selling their home, especially if they feel like they are giving up their independence. The truth is, moving might actually improve lifestyle and independence, making it a better solution.

True independence is found when a person is not weighed down by heavy responsibilities. Aging adults can find it difficult to keep up with tasks such as home maintenance, home safety, and yard care. By letting go of the family home and moving into a community, it’s possible to live in surroundings where these maintenance tasks are no longer a concern. In turn, the aging adult does not feel weighed down by the tasks that are beyond their capabilities.

If the senior is not ready to let go of their home, then they should explore options to liberate themselves of the burdens and responsibilities of home ownership. For example, it might make sense to hire a licensed landscape maintenance company or a cleaning service to maintain the upkeep of the home.

Our Senior Stay or Go™ program at Greenwald & Gerke Realtors is a free service designed to help seniors and their families find the right answers. We specialize in senior real estate. Our program can help your client find the right resources and solutions. We have the experience and compassion to handle these delicate situations properly. And when your clients are happy, they appreciate you even more.

For more information, we invite you to contact any time: (844) 782-9674.

25

May
2015

No Comments

In Blog
Estate Planning
Video

By Ron Greenwald

Estate Planning 101

On 25, May 2015 | No Comments | In Blog, Estate Planning, Video | By Ron Greenwald

KFMB TV SPOT

Free Classes Start June 2nd

www.estateplanning101.org – Register Today!

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21

Mar
2014

No Comments

In Blog
Education
Estate Planning

By Ron Greenwald

The Gift of Real Estate; Q&A

On 21, Mar 2014 | No Comments | In Blog, Education, Estate Planning | By Ron Greenwald

 

During a recent conversation with Caroline Hornblower, a Ticor Title representative, we learned some valuable information about gifting Real Estate and how the transfer should take place.

If I wish to deed my home to my children, what are the proper steps I should take prior to the transfer to make sure there are no title issues after the transfer is recorded?

  1. Check the chain of title to see if there are any liens/changes after your initial policy. Also make sure there are no postponed taxes, as this is more common with seniors.
  2. Check with your tax attorney to make sure that there aren’t any tax ramifications. Ask your attorney the best way to convey the property. If you are not doing it through a title/escrow transaction, it is best to consult an attorney. Title companies take steps to avoid fraud when they find documents that are recorded but not insured, but when the documents are prepared by an attorney, there is more credibility.
  3. From a title perspective, any time there is a deed that is conveyed and not insured, Ticor will go back to make sure that the parties involved intended to transfer the property. We will request an uninsured deed affidavit, which will answer questions such as why the property was transferred, was there consideration, were they in fact the party that executed the Deed? (meaning no money has been transferred) This affidavit will need to be notarized by a qualified notary.
  4. Documents needed in this transfer are a grant deed and a preliminary change of ownership—both need to be signed, and the deed needs to be notarized by a qualified and experienced notary.

Do I need an attorney? Do I need an escrow to make a gift of real property to my children?

It is always good to consult with an attorney, regardless of if your property is in a trust or not. An escrow isn’t necessary unless there is a transfer of money, or you need someone to draw your documents. Again, documents prepared by an attorney are more credible through a title company’s eyes.

If I received a gift of real estate and now the grantor is decreased, what steps will Ticor take to ensure that the gift was not a fraudulent transfer?

Normally, Ticor Title would request an uninsured deed affidavit, but that isn’t possible when the grantor is deceased. In absence of this, we would do the steps below…

–          Time- how long the deed has been recorded?

–          Review trust (if there is one)

–          Go back and check signatures to prior documents

–          Death certificate- cause of death?

–          Competency of the grantor when the property was transferred?

–          Investigate as much as possible based on the info provided by parties involved

 

 

 

I received a gift of real estate 10 years ago from my mother, and now my mom isn’t competent. Would that have an impact on the work that Ticor would pursue to protect themselves and their client against a future claim?

–          Time- how long the deed has been recorded?

–          Investigate time frame- when did she execute the documents?  Ticor may request medical doctor statements to ensure the competency of the mother prior to signing the documents

–          Review trust

–          Go back and check signatures to prior documents

–          Death certificate- cause of death?

–          Competency of the mother when the property was transferred?

–          Investigate as much as possible based on the info provided by parties involved

–          Take statements or affidavits from parties involved

 

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28

Jan
2014

No Comments

In Blog
Education
Estate Planning

By Ron Greenwald

Estate Planning For Seniors: Q&A Part 2

On 28, Jan 2014 | No Comments | In Blog, Education, Estate Planning | By Ron Greenwald

What’s in Your Glove Compartment? – Part 2

 

What are documents that comprise Your estate plan?

  1. Advanced Health Care Directive…Is that threatening? Think of it as your roadmap for physician, nurse and others working to save your life. When you buy a new car, what is in the glove compartment? A complete guide for the car’s health, security, and maintenance. Your advanced health care directive is that guide for you.
  2. Durable Powers of Attorney for Financial Decisions…Going through your daily routine, you make conscious decision about what you buy, pay your debts, pay your obligations, and make sure your financial house is running as smooth as possible. It is not a stretch to believe that if you were not physically and/or mentally able to pay those bills and invest you money wisely, that you would not want your “spend-thrift” brother or your 85 year old parent with memory loss in charge of your assets?
  3. Will/Trust – You have three choices where your assets can end up – with the Government; Charity; or family and friends. For those you love and trust to handle your estate, it is highly advisable to avoid the probate process. In California, probate process is time consuming and costly process. I have heard the argument – ” I do not want to spend the money now and if the kids get less due to the cost of probate – so be it.” This is from the same person who screams about attorney fees. One solution is, if your resources are an issue, ask the kids to pay for the trust preparation. If is it going to be their money, eventually, ask them – “do you want to spend money today to fund the trust document and avoid probate or do you want to wait until I die and have the estate go through the probate process and cost you 10x, 20x the cost of a trust? Fair question. The other issue that a trust will help with is the smoother and timelier transition of assets from one party to the next.
     
    (There is discussion amongst professionals, both licensed private fiduciary’s and attorneys, that every CONTENTIOUS estate should go through probate. The estate has 100% supervision from the beginning. The executor to be bonded and a full accounting made before any distributions are allowed.)

 

What is this all about?

It is about You being in charge of You. Whether totally fit and healthy enjoying watching each sunrise and sunset, in at state of suffering from incapacity, or having left this earthly world, your pro-actions of having an estate plan — a life’s action plan -for yourself will allow you to insure a legacy during life and beyond. Take action and call me today for an attorney referral – (858) 776-5863.

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28

Jan
2014

No Comments

In Blog
Education
Estate Planning

By Ron Greenwald

Estate Planning For Seniors: Q&A Part 1

On 28, Jan 2014 | No Comments | In Blog, Education, Estate Planning | By Ron Greenwald

What’s in Your Glove Compartment? – Part 1

 

Your vehicles glove compartment holds the key to your car’s lifestyle. Where do you find your quality of life road to success?

Curious….What is it about the term Estate Planning that makes an otherwise rational person procrastinate about personal incapacity and end of life decisions? It is the ultimate family game of resistance, ambivalence, and defensiveness. We’ve all heard the excuses….

  • It will all work out because I have raised my family to all get along.
  • If they know how much I have, they will want me dead.
  • It is none of their business and I must stay in control until I am gone.
  • My assets are not significant enough to matter.
  • I will be dead so I do not care what happens after I am gone.

Being incapacitated or dying without expressing your wishes in writing can easily throw those who love and care for you into a state of chaos. And it can allow trouble form the bully, the self righteous one, the disturbed one, the one who never felt loved by Mom or Dad, or the who has a gambling or drinking problem. This makes the thought of family governance a nightmare and the only winners are the attorneys who have to litigate the resulting conflict.
 

Well, what do we know?

  • The odds are at some point down the road of life, you will become incapacitated and unable to act on or make decisions that impact your quality of life.
  • No odds – at some point, you are going to die.

 

How do you take steps to prevent the problem and plan for the remainder of your life?

You are best served by engaging a competent attorney to work with you on your specific, personal, tailored estate plan. Or, as I like to say, Your Life Plan.

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