Topics to Consider - Eric McCartney SRES®

Topics to consider before starting the process of Moving On

Helpful Transition Hints for Seniors - Eric McCartney Real Estate Broker, SRES®

Information on this page is Published by the SRES® Council, Seniors Real Estate Specialist

Are all relevant family members aware of the upcoming sale and the reasons for it? It’s a good idea to have a family discussion about the decision to sell, prior to signing commitments. Adult children often have strong emotional stakes in the sale. Some family members may not want to say goodbye to the home. A family talk can help prevent later misunderstandings and avoid delays in the process. If the move involves significant downsizing this may also be a time to bring up property and possessions issues.

Have the tax consequences of a sale been considered?

Selling a home can trigger significant taxation. Capital gains taxes may apply in the event the sales proceeds aren’t used to buy another home. Before listing a home, it’s a good idea to consult a tax specialist or professional financial advisor to determine how a sale will affect your finances. If you don’t have an advisor, Eric can provide you with a list of referrals to choose from.

Will an adult child be acting on the behalf of a parent in the sale? In the event an aging parent is ill or incapacitated, another family member will need authority to make legally-binding decisions with regard to the home. If this is the case, a durable power of attorney document must be in place prior to the incapacity, naming an agent who will act on behalf of the senior.

If family members are assisting a parent in the sales process, has one member been chosen to be the contact in communicating with professionals?

It’s best to have one family member take the lead in communicating with Eric your SRES® and other professionals. Multiple contacts can create confusion and delays.

Eric can be contacted at 1-800-463-0002 Ext. 2216 or you can e-mail him at eric@mccartney.me

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