SRES® Blog

Estate Planning, Financial Considerations for Multigenerational Households

Estate planning, Financial Considerations for Multigenerational Households

When you’re creating a multigenerational household, you focus so much on finding the right neighborhood and home and determining the renovations that will make aging in place safe for your loved ones. What often gets overlooked are financial and estate planning considerations. After all, just divvying up routine expenses like groceries, dinners out, home repairs, insurance, and utilities can be challenging and may entail uncomfortable conversations. A column by Ilyce Glink https://www.washingtonpost.com/business/2021/07/12/family-living-multigenerational-household-seeks-advice-about-finances

Preparing Yourself for Caregiving Costs

Preparing Yourself for Caregiving Costs 

Caregiving can take an enormous financial toll. For example, a recent AARP survey found that three-quarters of the family caregivers surveyed spent an average of $7,242 annually on out-of-pocket caregiving costs. AARP offers some tips for getting over some of the major hurdles, including: Organize finances. Know your loved one’s costs like mortgage, rent, and utilities. Locate and safely store crucial documents, including wills, marriage certificates, and insurance policies. Money management. Manage money carefully and create budgets by tracking your income and expenses and those of your loved

Is the Air in Your Home Safe?

Is the Air in Your Home Safe?

According to the US Environmental Protection Agency (EPA), Americans spend approximately 90 percent of their time indoors. That percentage is even higher for older individuals. For decades, indoor air quality has been a health issue. In 1987, the EPA estimated that some pollutants are often two to five times higher indoors than outdoors. More recently, the COVID-19 pandemic has elevated concerns about indoor air hygiene. Monitoring Indoor Air Quality New technology allows individuals to monitor and address the quality of air in their homes. This is particularly important for people with

Five Tips for Finding Your Move Manager

Five Tips for Finding Your Move Manager

Moving to a new location can be a daunting task, especially if you’re downsizing from your long-term home. Wouldn’t it be nice to arrive in your new living space with everything you need already arranged and ready to enjoy—and secure in the knowledge that all the items you no longer need will be promptly disposed of in the best ways possible? A move manager can help you before, during, and after your move, providing valuable assistance and peace of mind. A moving professional can make your move more organized, coordinated, and stress-free. Plus, once you are settled into your new location, a

Getting Ready to List Your Home?

Getting Ready to List Your Home?

Preparing a home for sale is always a significant undertaking. For seniors, in particular, the pre-listing process can feel overwhelming. An agent who has earned their Seniors Real Estate Specialist® (SRES®) designation can guide your efforts and help make the transition go as smoothly as possible. You can trust your SRES® designee to help you: Map out a plan. An SRES® understands that each client faces different circumstances and challenges. They can advise you on a sequence of steps tailored to your situation. And they’ll guide you through the process at whatever pace suits your needs. Your

Five Simple Ways to Provide Loving Support to Parents with Memory Challenges

Five Simple Ways to Provide Loving Support to Parents with Memory Challenges

It can be hard to see someone you love struggle with mental decline as they age. Sadly, memory loss and other cognitive impairments are all too common. There are no easy solutions, but you can take several simple steps to treat aging parents with respect and compassion. 1. Speak slowly and clearly. Cognitive decline, potentially coupled with hearing loss, makes it harder to process information quickly. Make it easier for Mom or Dad to follow your words by slowing down, speaking clearly, and pausing between sentences. If you’re talking face-to-face instead of over the phone, sit close, so you

Three Chatbot Technologies that Seniors May Encounter and Enjoy

Three Chatbot Technologies that Seniors May Encounter and Enjoy

What is a chatbot? You’ve probably already encountered this technology and didn’t recognize it by name. Chatbots are artificial intelligence (AI) based algorithms that use text or speech technologies to communicate with people. For example, some chatbots answer basic support questions via a text “chat” box on a website when it’s after hours and a live person isn’t available. These types of chatbots have been around for years, but they are improving and being used on smartphones in new and interesting ways. Mental Health If nothing else, the pandemic drove home the importance of social

The Source of Remorse

The Source of Remorse

Yes, buyer's remorse is real. So says a Bankrate survey that reveals the common regrets of recent homebuyers. Though Millennials have the most regrets–64% of those ages 25-40–about a purchase's physical and financial aspects, 33% of baby boomers (ages 57-75) have disappointments too. The extreme pressure of the fast-moving market is likely a contributor, given that buyers often are fighting to win bidding wars and have little time to contemplate their purchases. Among the top disappointments are high maintenance and other costs, too-high monthly mortgage costs, not getting the best mortgage

A Strategic Downsize: 9 Questions

A Strategic Downsize: 9 Questions

Maybe you’ve started thinking that now would be a good time to downsize to capitalize on this fast-moving, post-pandemic market. Realtor.com offers nine questions to ask yourself to better identify what you want next and the implications of a move. Financial considerations, for example, include looking at taxes, insurance, and renovations to the new home, and factoring in HOA fees, if you’re opting for a condo or townhouse community. Also, tally all the costs – including real estate transfer taxes, real estate commissions, and so forth – of selling your current home. Where to move is another

Pandemic Drives Multigenerational Living

Pandemic Drives Multigenerational Living

Has the pandemic has made you reevaluate your living arrangements? Are you considering establishing a multigenerational household or continuing to maintain an existing one in your post-pandemic life? You’re not alone. The lifestyle option is gaining ground. For one, it can benefit every generation by minimizing seniors’ sense of isolation (https://on.wsj.com/3dvcnAZ), helping millennials who are struggling with student loan debt, allowing grandkids to bond with grandparents, and giving baby boomers a hand either financially or with childcare or both. The National Association of REATORS® looked