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Monthly Archives: July 2014

Look Carefully At A Home’s Square Footage – It Might Not Be What You Think It Is

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If You Are Buying A Home Just For It’s Square Footage Think Again

How does the real estate marketplace calculate and represent square footage of listed homes in marketing materials and in the multiple listing services?  To be honest there are several common practices and it is quite possible that a home might have two or three square footages which are all close, but not the same.  Some people may include the garage square footage, some may include the basement, some may include unpermitted covered patios, and others may not include any of those areas.  To compound things there is no standard by which the entire real estate community utilizes, thus there will always be some ambiguity and lack of clarity as to the precise square footage of a home.

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To Gift Or Devise, That Is The Question!

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Tax and Estate Planning is Critical to Avoid Unnecessary Tax Burdens and Consequences

I have clients ask me all the time if it makes sense to give their property to their kids or should they wait to die and let their kids inherit it.  The practical answer from a tax planning perspective is to allow the property to transfer at the time of death.  If you haven’t spent any time planning your estate or your property succession strategy you should sit down and think about how you would like things to pass, and who should be the recipient of the properties.  If you have a substantial estate with multiple properties chances are you already have done this, if not an estate planning or trust attorney can help you through this process.  Planning now can prevent unnecessary taxes or burdens being placed on your loved ones.

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Six (6) Easy Ways to Save Money on Health Care Costs – And Invest in Real Estate with the Savings

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How much money do you spend on health care?  Each day that goes by your overall health care costs go up (even though you don’t realize it) for a few reasons; 1) inflation, 2) you get older every day, and 3) unless you are exercising regularly you are getting in worse shape day-by-day.  These three factors will drive up your long-term health care costs.  No matter how prepared you are for your retirement years these costs will continue to rise unless you do something about them.  I recently posted an article indicating the average American couple will spend $220,000 for health care costs during their retirement years – and introduced a real estate strategy to combat these costs.  This figure does NOT include long-term care such as a nursing home or other retirement facilities.  Please prepare for the future by looking at the short list below which can help you plan and reduce surprises.

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