Today at our staff meeting we had an amazing Q&A session with a well-versed attorney who clearly knows his stuff. Steve Mooney of Steve Mooney Law Offices specializes in estate planning, tax services, real estate and bankruptcy as well as family business planning. My team really put him to the test and he passed with flying colors. Our questions reflected the life issues that arise on a daily basis in this business. We constantly have clients who are facing major life decisions, decisions we all experience at one time or another. For example, did you know...
The capital gains tax law allows up to $250,000 gain for singles and $500,000 for married on your primary residence. But what happens when you are the surviving spouse of the marriage? You may qualify to exclude up to $500,000 of any gain even though you are now considered single by the IRS. There are certain requirements to qualify and the key requirement that jumps out at me is that you only have 2 years after the death of your spouse to take advantage of this. My guess is that this is not a commonly known fact. Who has $500,000 in equity right? Well most of us reading this blog probably don't care too much about this but I bet a lot of you have parents who just might. Consider it, elderly parents, lived in their house since 1950, mortgage is completely paid off, house is worth $450,000 or more, one suddenly passes. Not unusual at all! 2 years sounds like a long time but when you are the grieving spouse it's not long at all. This can equate to significant dollars being owed to the government. Yikes! We also talked about wills, trusts, life estates, irrevocable trusts, durable power of attorney, proper planning to avoid losing your life-savings to Mass Health. There is so much to learn! Talk to a professional. Get educated. Do it now, before it's too late. Have you ever heard of the 5 year look back? If not, then you definitely should protect your assets by meeting with someone who can help you plan for your future.
Being a real estate professional today requires the wearing of many different hats. We firmly believe in education and building strong relationships with true professionals who share our same values. Like the spokes on a wheel we work together to keep things rolling. Our goal is to supply you with the knowledge and resources to help you make the best and smartest decisions. Contact us any time. It's complimentary. That's what we are here for.