Senior Considerations

Life if full of change - no one understands that better than us. As we get older what we need from our property assets evolves. I am here to help with housing and finance information catered to those making retirement lifestyle choices. Better yet, let's get together and talk about what is most important to you!

Housing Options

There are a variety of housing options to choose from as you or a loved one move into retirement.

Active Lifestyles can be resorts with walking and jogging trails, country clubs, pools , computer labs, gardening plots, social programs, restaurants and great transportation.

Choosing a long term solution to your future housing needs includes independent living, assisted living, and continuing care facilities as part of the full scope of the community.

We have an abundance of beautiful places here in Sonoma County; it would be my pleasure to tour and evaluate these with you.

Capital Gains and Estate Planning

Timing is everything! You are excluded from capital gains on your personal residence up to $500,000 per couple or $250,00 per single. If you own more than one residential property, sell one and move in to the next. Current tax laws allow you to do this every five years. Learn the details by consulting a tax accountant. Pay special attention to timing after death of a spouse to get the full $500,000 exemption.

Should you transfer your property to your heirs now?…not so fast! Your property steps up in value to current market value at time of death. Therefore if your heirs should choose to sell, the capital gains are very small. If your heirs are on title at the time of your death, there is no step up to current market value and they would pay capital gains on the full equity Also, transferring title to heirs could trigger a gift tax consequence. Consider a TOD (revocable transfer on death deed) and avoid probate and creating a trust.

Don’t forget to check with the Sonoma County Tax Assessors for potential tax reductions that may be available to seniors. Property that is not included in a Will or Trust may be subject to Probate. When making important tax decisions, please seek the advice of tax and estate planning experts.

Downsizing

What stops most people from moving to a smaller home is the prospect of an increased property tax bill. But when you reach 55 you can transfer your old tax base to your new home of equal or lesser value using California Proposition 60. You can do this only once unless you have become severely and permanently disabled, then you can do it a second time under Prop 110. With very few exceptions, this transfer can only take place within Sonoma County. Call or visit the Sonoma County Tax Assessor for complete requirements.

Sometimes it is just time to release that capital from the dirt and reduce the maintenance burden of the big house, just freeing up time and money to enjoy living.