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By Ron Greenwald

What Do You Need to Know about Propositions 60 & 90?

On 04, May 2017 | No Comments | In Uncategorized | By Ron Greenwald

Did you know that buying a home for retirement could potentially be beneficial for your tax filing? In the state of California, Propositions 60 & 90 were written to help aging adults with tax benefits when they move to a new residence.

Keep in mind that these tax benefits are only available one time for each household, and they apply to families moving to a new or existing home that is equal or lesser value than their current home. If a claim is filed, then it is possible to transfer the trended base value to your new property.

Qualifications for 60/90?

Proposition 60 and Proposition 90 offer similar benefits, but 60 is designed for moves within the same county and 90 is for inter-county moves. To qualify, your current home and new home need to be your principal residence and both need to meet the requirements for the Homeowner’s Exemption. Also, the counties involved must allow this tax benefit to transfer.

Also, the replacement property needs to be built or purchased within two years of the sale of the original property. Either you or your spouse needs to be over the age of 55 to qualify.

Eligibility is only available one time. Once you or your spouse has received this tax relief, then you will never be able to file for it again.

Types of Homes that Qualify

All types of replacement homes can qualify, including single family residences, community apartments, planned developments, condos, mobile homes, and a living unit within a larger structure. “Equal or lesser value” of the replacement property is defined by these guidelines:

  • If the purchase or construction occurs before the sale of the original property, then the new property needs to be 100% or less than the value of the original property
  • If the purchase or construction occurs within the first year, then it needs to be 105% or less compared to the value of the original property
  • If the transaction happens in the second year, then it needs to be 110% or less compared to the value of the original property

Keep in mind that these guidelines are based on market value, not necessarily the purchase price or sale price. An assessor will determine the value of each property to ensure that these requirements are met.

Are you interested in learning more about how you can benefit from propositions 60 & 90? Call Greenwald &Gerke Realtors. We are here to help: (844) 782-9674

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By Ron Greenwald

Do You Qualify for VA Aid & Attendance Benefits?

On 15, Dec 2016 | No Comments | In Blog | By Ron Greenwald

Are you a veteran or a surviving spouse of a veteran, 65 yrs. or older?  Are you aware of the little known “Improved Pension” Benefits available to meet your needs?

There are 3 tiers to the “Improved Pension” Benefits: Aid & Attendance is considered to be the Third Tier. These benefits have been an entitlement for 61 years, yet many veterans are unaware of them.

Aid & Attendance Benefits

This benefit is designed to provide financial aid to help offset the cost of long-term care for those who need assistance with the activities of daily living, such as: dressing, eating, toileting, bathing and transferring.

This benefit is available to veterans who have served more than ninety days, with at least one day served during wartime.  They can also be provided for a veteran’s spouse who’s medical expenses completely deplete their combined monthly income, or a veteran’s surviving spouse.  There are resources available to provide assistance at no charge when completing the application process. You are not under any obligation to purchase a financial product to complete the application.

Qualifying for Aid & Attendance Benefits

For the Aid & Attendance benefits to be granted, it is necessary to meet one of the following conditions:

  • You require the aid of another person in order to perform personal functions required for everyday living.
  • You are bedridden, in that your disability requires you to remain in bed apart from prescribed course of convalescence or treatment.
  • You are a patient in a nursing home due to mental or physical incapacity.
  • You have limited eyesight.

In addition to these conditions, total assets and annual income vs. expenses are analyzed during the application process.  The benefit amounts may change annually, so it is important to check the current program benefits to better understanding the monthly benefit you are eligible to receive.

Understanding your VA Benefits

At Greenwald & Gerke Realtors, we are here to support veterans and their spouses to better understand the Aid & Attendance Benefit and choosing the right living situation to match their needs.  Talk to our team to learn more about real estate services that can help to maximize your retirement situation: (844)782-9674

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By Ron Greenwald

How Housing Preferences are Changing for Baby Boomers

On 21, Nov 2016 | No Comments | In Blog | By Ron Greenwald

It is estimated that there are over 72 million baby boomers in the United States, with about 10,000 people turning 65 each day. As the generation of boomers moves into retirement, many people are reconsidering their housing options during the “golden years” of their life. What is your housing plan through your 100th birthday?

It is not Your Grandpa’s Nursing Home

Even though the  term  ‘nursing home’ is still an all too common perception, baby boomers agree that these care “facilities” are not an option to consider.  Boomer aren’t looking for a place to wait out the rest of their lives.  Today’s active senior wants  a home that supports their busy lifestyle and helps them enjoy the finest quality of life.

As a result, retirement communities of all sizes and shapes are investing millions of dollars to offer the amenities and housing options that people are asking for to thrive. The environments are modern and contemporary, offering luxury living conditions for baby boomers.

Rethinking Retirement Housing

Baby boomers have one common characteristic: they are rethinking the unstated rules about retirement living. The retirement age is changing, giving many people the flexibility to choose retirement at a time that works best for their individual situation.

Technology has forged a way for people of all ages to stay connected with their family from any location in the world. So, many baby boomers are considering the option to “right-size” their home and spend part of the year traveling to exotic locations. When they are home, they want easy access to golf courses, shopping malls, fitness centers, cultural centers, and other options that fulfills their need for a engaging lifestyle.

Finding the Right Housing for You

When it comes to retirement, the possibilities are limitless. This opportunity is yours to create the lifestyle that you desire to thrive in. You can choose the location, house, and daily activities that best fit the retirement that you have always dreamed about. Don’t let yourself get caught in the old molds of what retirement should be.

At Greenwald &Gerke Realtors, we offer real estate services catered to the needs of retirement in the real world. We want to help you create the lifestyle that you want to enjoy during retirement. Contact our team to learn more about real estate services for active mature adults: (844) 782-9674

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