07/10/2024
One of my clients runs a business offering funerary & family healing services to the bereaved. Life and death conversations are their everyday reality. As a realtor, I thought I was always on 24/7, but these true warriors are on-call since death can surprise at any moment—especially after the 2020 pandemic. Here is what I’ve learned, just to scratch the surface:
🌟 Planning Makes a Difference! 🌟
What happens to the survivors, and how do they handle the practical and administrative aspects of their loved one’s estate? My client advised me that so many of her clients are simply unprepared—especially for the tax consequences and ongoing legal costs on the horizon which have limited options at that point.
That conversation is certainly going to impact the way that I sell houses— it’s a small piece of a much bigger puzzle the points to a someone’s financial goals or desire to leave a legacy. I’m now treating not just as simple shelter and way to make money….they’re wealth building assets that are tied to either a financial or legacy based goal. And as they grow, they become prone to greater risk from a tax perspective as well as from third parties motivated to try to take that money in one way or another.
When you think about the last few years post Covid quarantine, returns for many homeowners have been so hefty, But what happens when you're gone? Do your successors know how to move your plans forward and how to safeguard them from unintended risks or exposure parties wanting to take a piece of them?
Proper planning ensures the desired legacy lives on. Without it, loved ones can face hefty probate taxes and miss out on opportunities to shelter those assets and carry that thru. Real estate is just one component of a comprehensive wealth-building strategy, including setting up corporate structures, revocable/irrevocable trusts, 1031-exchanges, DSTs, etc…and protecting those assets once you’ve built them from the growing list of litigation that will try to target those assets— or a change of heart by the beneficiated themselves. Confidentiality, regular calibrations/ check-ins, and communicating shared expectations with beneficiaries and those advising them are key.
🔑 Ensure your family's future and protect your wealth. Reach out today to learn how we can help you create a robust plan that stands the test of time. 📞