• Are you expecting your parent’s or another loved one’s estate to be in financial distress as a result of unexpected events?
• The home they live in may be your parents’ single largest asset, and yet, it can become a massive burden.
• Your parents could face the very real danger losing the equity they’ve built over the years.
They may be struggling to make the payments, pay the utility bills, and maintain the house – even at the expense of eating properly or purchasing necessary medications. And if you’re not in a financial position to step in and take over financially, you’re no doubt feeling the pain and frustration of watching a loved one suffer.
We know that for many, retirement comes with a significant loss of income. However, even those who have not yet retired can face financial reversals. If they’re still making payments, the burden can be even heavier.
The inability to keep up with financial obligations can occur for many reasons:
• Illness
• Medicaid with 5 year lookback (State “clawback”)
• The death of one spouse
• The loss of employment
• Past due taxes – either property taxes or income taxes
• Unexpected heavy repair costs
• Divorce
• Bankruptcy
• Civil Judgements
• The cost of defending lawsuits
• Relocation
• Financial reversal due to failed investments
In addition, your parents could be in “real estate distress” due to hoarding, an inability to continue caring for a too-large home, or the necessity to move into an assisted living facility.
Are YOU in distress because you don’t have the financial means to help them?
Instead of suffering – and letting them continue to suffer - find a solution.
Since the first step in finding a solution is knowing the available options, we’ve created this group to explore the ways in which you can assist your parents or loved ones in retaining both their real estate equity and their dignity in financially trying times.
In the Adult Children Helping Parents with Distressed Real Estate Education Group we’ll explore your parents’ legal and practical options with regard to estate planning, tax planning, trusts, and loans.
We’ll talk about how trusts work to protect assets.
We’ll discuss options with regard to holding or selling their real estate.
If it’s practical for your parents to remain in their home, we’ll discuss whether a reverse mortgage would be a wise choice – or not.
If selling is a better choice, we’ll discuss those options – from doing the work to put a house in prime condition for a top-dollar sale to selling as-is.
As a member, you can look forward to hearing from guest speakers such as:
• A lender who specializes in reverse mortgages
• A representative from the Department of Aging, who will discuss your parents’ rights
• A mental health specialist who will address the issue of hoarding
• A foreclosure attorney
• An estate planning attorney
• An assisted living expert
• A banker who will explain loan recasting
Whether you are facing these issues now, expect to face them soon, or have experiences to share, please join us.
