As we get to a particular stage in adulthood, a strange turn of events occurs. We begin to be responsible for those who were once responsible for us. Our parents, who spent a lifetime caring for our every need, begin to require the assistance of their loved ones. This process can be emotional, and rightly so. But, while taxing and perplexing, this experience can be less stressful with the aid of a trusted attorney, such as Ben Weaver, guiding you!
In 23 Legal’s guide to easing a loved one into the next phase of their lives, we’ll share common scenarios and situations – such as selling a home or creating a will – where a trustworthy Real Estate Attorney will come in handy…
Rocket Mortgage shares common reasons it may be time for adult adults (such as aging parents) to move:
“If you’ve lived in your current home for many years or have your mortgage paid off, you might wonder why you’d even want to move. Does it make sense to go through the entire home buying process again? For many seniors, the answer is yes. If that’s you, your reasons may vary:
You’re planning on needing a safer or more accessible home soon
Your family home feels too large now that your children have moved out
You don’t want to take care of upkeep or cleaning anymore
Your current state or city is too expensive
Your mortgage payments could be lower
You could be closer to your family if you moved”
Situation #1: You are guiding your parents through selling their home.
Deciding to sell your parent’s home can already be emotionally challenging. The process might start under a variety of different circumstances, such as dementia or physical limitations, possibly one of the two parents passing and the other can’t maintain the home independently. No matter the cause, most people want to sell the house quickly and get a fair profitable return on the property.
Attorney Ben Weaver understands just how delicate these matters are; his many years of experience as a local Real Estate Attorney have equipped him with the skills necessary to handle the process of selling your loved one’s home. It is essential to protect the elderly during these legal transactions due to the heavy legal documentation. Hiring a knowledgeable attorney reduces the risk of possible scams or misinformed decision-making! Check out our guide for preparing your home for a successful sale!
“By the age of 55 or 60, most people have purchased or sold a home and just about everyone has been through a move. But, after 55, real estate transactions and even moving, are more complicated. If children were raised in the home, the thought of leaving the place where some of the dearest memories were made can be painful. Also, the logistics of preparing a family home for a sale and downsizing a lifetime’s worth of possessions can be daunting. Moreover, the financial and tax implications of selling a home can affect that long-awaited (and much deserved) retirement or change estate planning.” Pleasanton Weekly
Situation #2: Your parents can no longer afford annual property taxes.
Are your elderly loved ones paying too much for their property taxes? Before selling the home, you will have to settle significant outstanding debts. It is possible that when your parents originally purchased their home, the property value was far less than it is now. Their local county government may have increased the property taxes over the years even if they haven’t changed much of the home. Protect their finances by requesting a property tax repeal. Read our recent blog on how Ben Weaver can help you do this!
Situation #3: Your loved ones are in their golden years and ready to purchase a new home that fits their changing needs.
The children have gone on to create families of their own and your house feels too large for just the two of you. Is it time to downsize? Embrace being an empty nester! You and your spouse are ready to take on that retirement bucket list and ditch your home for an RV to go on adventures! Or maybe you’d just like a smaller house or townhouse because it’s easier to manage, and you instead spend your golden years making new memories – not worrying about home maintenance!
You’ll need a trustworthy attorney who will not only get you the most money back, but also show respect for the home you’ve enjoyed for generations. Older homes have longer histories of damages that need to be disclosed to ensure a proper sale. Real estate lawyers will help protect you from liabilities by ensuring you give the right amount of property history for your sales.
Situation #4: Helping your parents get their finances in order as they move.
Helping parents downsize and setting up financial equity as you prepare your parents to reduce their property and sell their home. There will be a wide range of property inside their dwelling that will need to be accounted for. To help your parents comfortably move into their new home, many of these personal objects that may have been acquired over decades and increased in financial value will need to be evaluated.
Questions may come up, such as: Should I keep for memory sake, or is it worth the money to sell this item? This valuable property may need to be appraised, added to property insurance, and included in their living will. Legal documentation is the best choice for staying organized while letting your elderly loved one feel confident their treasures are safe and accounted for!
Another helpful advantage to hiring a Real Estate Attorney is that they can help process the antiques, furnishing, and unique pieces of property for financial value. Attorneys can advise you on how to place these things up for auction or as an adage on a property’s value. The sale of these pieces can help reduce the new property or ask price for the current property sale. With all of these possibilities, an experienced lawyer can make sure that nothing gets lost or undervalued during this time of transition. Learn more about buying a new home while selling your current home simultaneously!
“If you need to eliminate many possessions, consider hiring an auction company that will sell them all at once, either on-site or online. Alternately, you can hold a garage sale and then donate what doesn’t sell to a non-profit reseller, such as the Salvation Army, and receive an income tax deduction for the value of the items.” Bob Villa
Situation #5: Acquiring a refinance on a property for a much-needed home renovation.
With age comes wisdom and unforeseen circumstances. Older adults are often faced with a mixed bag of health challenges as the years go on. Natural obstacles that come with aging can cause them to need to move from their current residence or seek appropriate aging in place home renovations to fit their needs. Some senior citizens can live independently for a long time as long as they have the proper home setting, for example grab bars in the shower, wheelchair ramps, or lower counters. They may not be ready to sell their homes. If selling the property is not an option, then the next best thing is to obtain a loan to repair the property so that it’s safe for many years to come!
“Staying in your own home as you grow older offers many benefits. For most, it means a stronger sense of safety, comfort, and independence, and it also affords you more privacy. Though the renovation costs may be high, aging in place can often be cheaper than an assisted living facility would be — especially if you plan ahead.” Bankrate
Situation #6: For health reasons, it is no longer safe or conducive to live on their own and they are coming to live with you.
The house your parents purchased 40 years prior may no longer fit their current everyday needs now. It’s time for you to make space for mom dad at your own home. A renovation of your personal property to make space for your elders is always a great option. If your loved one doesn’t want to live independently or in senior care, a possible choice is to create a space within the safety of your house that is appropriate for the care they require. Ben Weaver can help you with the process of refinancing specifically for adding on another room or expanding on your existing property. If you’re moving your parents in from another state, do it seamlessly with our guide to moving between states!
Situation #7: Your parents are older and it’s now time to be aware of their medical preferences and find out if they have a living will.
It’s extremely important that aging parents share their medical requests with adult children or other family members. As daunting as it might feel, requesting information about your elderly loved one’s personal medical beliefs and burial plans is necessary. It’s crucial to have documentation of their preferences to prevent arguments, uncertainty, or inaction during the panic of emergencies in the future. It can be complicated to think of a world without these special people. Yet, knowing their wishes while physically here will give you and your family a peace of mind and prevent stress down the line when emotions are high.
“It’s an obvious first step, but many people don’t even bother to draw up a will. In fact, only 32% of people say they have a will, according to the 2020 Estate Planning and Wills Study, which was published by Caring.com and based on survey results from 2,400 Americans. Of those who don’t have a will, 30.4% say it’s because they don’t have enough assets to warrant one.” US News
We recommend you discuss the following questions with your parents and lawyer:
- What are their burial plans? Buried or cremated? Location?
- Do your parents want (or already have) a DNR (Do Not Resuscitate)?
- How do they plan to share their finances, property, and other assets with family?
- What specific details do they want you to take care of when they’re gone?
These questions are tough, but they will help you to create (or update) a living will for your loved one. It’s highly recommended that someone creates a will while they are alive and of sound mind so everyone is prepared for the future. Having an attorney identify any areas that need updating will be in the best interest for all parties involved. Get a better understanding of the benefits of a living will on our blog!
While some people may find this topic challenging to discuss, that’s okay it’s normal to have fears! Attorney Ben Weaver understands that our lives are more than words on a document. Imagine the peace of mind you’ll have knowing you have your family set up for success in case of an unforeseen event. Everyone’s legacy is worth protecting.
Don’t make the mistake of waiting until a loved one passes to step into action! Protect your aging parent or elderly family member now by helping them prepare their estate and accomodations ahead of time. Creating a legal plan of action will provide them with the gift of worrying less about the future and the ability to enjoy what matters, their time with you. And it will give you peace of mind knowing everything is taken care of!
Allow Attorney Ben Weaver to guide you and your family through easing an aging loved one into the next phase of their life – respectfully and seamlessly.
Attorney Ben Weaver is known for going above and beyond for his clients. Whether you request guidance in buying or selling your home, have an estate planning question, or another legal problem in regard to real estate, you’ll need a trustworthy lawyer who cares. You’ve come to the right place!
Please feel free to contact us for assistance or with any questions you have. Click here to read 5-star client reviews!
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.