The recent Pacific Palisades/Malibu fire was a total tragedy. Many families have lost their homes and all that was in them. It is not likely to happen to those of us who live on the Westside of LA. However, the Santa Monica Fire Chief Matthew Hallock, recently said “it was close, oh, it was close.” Sadly, it could happen to us just as quickly.
This should be a wake-up call to review the current financial situation for your family.
Here are several areas that homeowners should analyize:
1. Do you have a will or trust? If so, is there an original that is in a safe place.?
2. Do you have the “right” successor trustee? This could be critical to your heirs.
3. Is this a good time to sell your home? There is a massive shortage of homes and condos in our area.
4. Are there any ideas that might help lower the IRS taxes you will pay if you do sell now?
5. Do you own any other real estate? Is this the time to transfer ownership to your kids?
6. Do you have a favorite charity that you would like to help? That charity might help you.
7. Do you have children who need special help? There is planning for that situation.
8. What does the future hold for your family? Are you going to retire soon?
Need help? Call today to arrange a mutually convenient time to go over your options.
There is no charge for that initial call.
Doug McDermott
Mediator & Consultant
(310) 266-0506
