Issues to Consider Before Starting the Process
Should we have a family discussion before deciding to sell a senior loved one's home?
Yes, discussing the home sale of a senior's home prior to making any commitments is a good idea. This can help adult children begin to process any emotional reactions to the sale and help ensure everyone is on the same page. The family will most likely have many decisions and activities to complete together throughout the process, and open communication from the start is very helpful.
Do we need to consider tax implications?
Yes, there could be signification taxation involved in the sale of the senior's home. As a Senior Real Estate Specialist (SRES), Barb can help identify the professionals needed to fully understand these implications.
What if my senior loved one is too ill to participate in the process?
Barb will work with the person that has been designated by the durable power of attorney document to complete the sale. This person can make legally binding decisions in the event the senior is unable to do so.
Who should communicate with Barb and other senior professionals?
It is best to designate one person in the family to handle the communications between Barb and other senior professionals she recommends. This helps reduce confusion and redundancy.