The term “empty nesters” has come to describe folks who have large homes and their child(ren) moved out some time ago. The short answer to the question depends on the actual facts of each unique situation. Here are a few questions that should be considered:

1. Is there only one person now living in the home?
2. What is the relative health of the people living in the home?
3. Are they already retired? If not, how many years to go?
4. What is the tax basis of their home for calculating gain or loss on a sale?
5. Is medical insurance taken care of for the occupant(s)?
6. What about long-term care issues?
7. Future travel plans? What are their goals with respect to charity?
8. Current status of retirement planning?
9. Any thought about creating a new business?
10. Any plans to move out of California?

The reality is that most “empty nesters” need to sit down with several professionals- they need a real estate advisor, an investment person, a long-term care provider, someone who is familiar with income & estate tax planning and a life insurance person. Most importantly, they need to find a trusted advisor to help them start the process. After they get an idea of what they want to accomplish they can bring in additional people to help them round of their specific family plan.

We understand the complex issues being faced by the home owner(s). Our goal is help put together the team to accomplish their goals. You wouldn’t go on safari to Africa without finding a knowledgeable local person there to keep you from falling into quicksand or being eaten by hungry lions.

For more information on how we can help, please call us. There is no charge for the initial conference call.

Doug McDermott
Consultant & Mediator
(310) 266-0506