Assessing the Situation

Sometimes, the best way to assess a situation is to ask someone knowledgeable for their perspective. Often, the freshness of someone else’s perspective can be quite enlightening.

Recently we were contacted by someone who wished to include the Rehab in their plans. Their situation was rather simple, as was the solution. In the course of the discussion, however, which lasted no more than two minutes, we reminded them of special language they should have in their will so that their charitable wishes would be paid first from those assets which would impose the greatest tax burden on the heirs. If those assets were given instead to the Rehab, which would not have to pay those taxes, their heirs would actually receive more. All it took was a fresh perspective to help them leave more to heirs and still satisfy their charitable wishes.

Take the focus of this issue of Generations, life estate agreements, as another example. For those who might wish to eventually leave their home to the Rehab, yet continue to live in it for the rest of life, a life estate is always attractive. However, especially in times of low interest rates like today, the income tax advantages are even more attractive for making the gift now, rather than waiting until another time or death. Life estate agreements are not for everyone, but in the right circumstances, they are an excellent way to benefit yourself and the work of the Rehab. The fresh perspective – do it now while interest rates are low – can make the gift even more enjoyable.

“My situation is such a mess, and I’m ready to just sell off all this real estate and quit messing with it,” was a message we heard recently. The solution provided by a knowledgeable assessment and a fresh perspective will result in an increased income for life, a 100% bypass of capital gains taxes, no management problems for the real estate and a renewed peace of mind that things are no longer in such a mess.

The Rehab has provided very specialized training for us so that we can help you make better decisions about your plans. As always, our assistance is offered at no cost or obligation. Call us at 888-861-6385 for a fresh perspective.