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Old 03-07-2014, 12:49 PM   #21
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I bought a condo in a major city downtown, close to many shops and all amenities. At this stage I have no intention of moving out of here. My next door neighbor is 92 and doing very well alone. If my neighbor can do it, I can do it too.
But that still doesn't answer the OP's question. A "downtown condo" you bought is still a "primary residence" that you own. The question is how to plan for its eventual disposal: keep it until death; bequeath to kids or charity; sell before demise, reap the proceeds, and rent thereafter; etc? It's all a personal decision based upon your unique circumstances, I know.
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Old 03-07-2014, 12:52 PM   #22
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I hope stay in our house for 20 years or so, longer would be nice. My mom is doing fine at 85 in her house. We have a nice 3.25% refi I'd like to hang onto instead of paying off. We'll see how we're doing then. Our kids will have to sell as part of the estate if we don't move out soon enough.
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Old 03-07-2014, 01:08 PM   #23
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[...]a "primary residence" that you own. The question is how to plan for its eventual disposal: keep it until death; bequeath to kids or charity; sell before demise, reap the proceeds, and rent thereafter; etc? It's all a personal decision based upon your unique circumstances, I know.
Oh, oops. My post didn't answer that question, either.

I plan to play it by ear as far as where I live. If I am still living in my house at death, the house and contents will be specifically left to someone in my will. If I am living in an apartment or CCC, it won't be necessary.

I am only 65 so I have no idea how all of this will play out, yet. My house would be terrific to stay in until death, at least as it is right now. However a lot depends on whether the neighborhood declines further, whether or not we decide to ever make that move to Missouri, whether or not we decide to sell our homes and live in the two sides of a duplex as we often daydream, whether or not I end up needing more care than my beloved can provide to me, or vice versa, and such factors. I am not closing any doors to any possibilities in the future.
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Old 03-07-2014, 01:11 PM   #24
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I plan to stay in my home until they carry me out in a box. My goal is to have a sizable nest egg as I age that will allow me to pay for full time in home care services should I need them so that I don't have to move into a nursing home or AL facility. To me, it's worth continuing to spend less than I could just to know that the funds will be there should I need them.

After watching my dad go through AL and then nursing facility, I have no desire to ever go through that myself.
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Old 03-07-2014, 02:57 PM   #25
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We love where we live (except sometimes in Jan, Feb) and we will stay right where we are until we can no longer care for the house/property. If it comes to that we will sell and use the money or our kids will inherit it.
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Old 03-07-2014, 04:25 PM   #26
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If my kids don't want the house it'll be leveraged to the hilt ... HELOC or reverse mortgage ... who cares?

Dad got a 15 year mortgage at 76 died a year later ... what were the banks think'n?

Of course this assumes I out live DW (who's 7 years younger) ... she has no interest in playing THAT game.
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Old 03-07-2014, 09:48 PM   #27
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We sold our primary residence before we retired and now rent in a community where we can "lock and leave" as we spend many months traveling.
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Old 03-08-2014, 10:16 PM   #28
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I plan to stay in my home until they carry me out in a box. My goal is to have a sizable nest egg as I age that will allow me to pay for full time in home care services should I need them so that I don't have to move into a nursing home or AL facility. To me, it's worth continuing to spend less than I could just to know that the funds will be there should I need them.



After watching my dad go through AL and then nursing facility, I have no desire to ever go through that myself.

Know much does full time in home care cost? Must be $120k or more?
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Old 03-08-2014, 11:28 PM   #29
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My intention is to leave the primary residence and 1 or more rental properties (assuming rents are providing some retirement income while I am alive) for kids to sell with a stepped up basis, so kids get more and government gets less.

2 out of 3 kids, seem to be willing and capable of handling rental issues (may be 3 out of 3 if I include potential spouse) if I am no longer able to manage them but still want the rental income and want to avoid paying capital gains.

What I haven't resolved (no research yet) is how to split multiple houses of varying values between 3 kids. I think my options are:

(1) Force sale of house so $ go to estate or
(2) Leave some sort of complicated process that values the houses in case a kid wants to keep it. Presumably there would be no huge advantage in taking a house vs cash unless there was some discount to market valuation. Then I would also have to solve the issue if more than 1 kid wanted to keep a house.

I'd certainly be interested if anyone has already solved this problem.
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Old 03-08-2014, 11:31 PM   #30
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Know much does full time in home care cost? Must be $120k or more?
Sounds about right. I figure $15/hr x 24 x 365 = $131,400

If I really need full time care 24 hours a day, I'm guessing I'll be pretty sick, so probably not going to be doing that for too many years.

If on the other hand I could get by on someone being there 12 hours per day, and just sleep through the night without assistance, it may only be half as much. It's definitely expensive, but it makes such a difference to spend your last days living in your home where you are comfortable. As I said before, I'm willing to be more conservative on my retirement spending to ensure I have enough left over at the end to cover this cost. It's a delicate balance for sure.
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Old 03-09-2014, 12:10 AM   #31
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Eventually we will all choose or be forced by circumstance to vacate our primary residence. How are you planning for this? Also wondering if a Reverse Mortgage might be a good option for disposal of a no longer needed residence? Just wondering if others have thought about or planned what they will do with theirs?
Sorry for a meandering post and sobering subject
We currently are planning to retire from overseas in 2017 to our primary residence in FL (we will both be 50 then), which we bought in 2013 for that purpose and is already suitable for our older age (single level plan, wide doorways, very nearby public resources etc.). Live there for as long as we can, including using assisted living care if/when required, and hopefully die there also. We have no one that we need to support except ourselves and as such will either sell it if we need to move into a permanent care facility and use the proceeds to also fund that, or possibly use a reverse mortgage to get back equity in it before we die.
When we both are gone the remaining assets will go to whichever close relatives we have that are still around.
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Old 03-09-2014, 06:55 AM   #32
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You could take a reverse mortgage and use the proceeds for a Single Payment Immediate Annuity. Good if you do not want to leave any inheritance.
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Old 03-09-2014, 07:32 AM   #33
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Staying here until!

We plan on staying here until ??. We spent 6 weeks in Florida this year and missed most of the bad weather, however there is no place like home! Spring is just around the corner.
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Old 03-09-2014, 09:14 AM   #34
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(1) Force sale of house so $ go to estate.
My Dad chose option 2) and it was a constant source of friction between my and my bro until the estate was settled.

Option 1) is cleaner and more fair even if it yields slightly less.
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Old 03-09-2014, 09:37 AM   #35
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Sell and downsize to a condo or a rental to be able to travel more freely. This rental may be overseas.
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Old 03-09-2014, 11:28 AM   #36
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For anyone considering moving to a CCRC...
I can't give you a link 'cuz it constitutes advertising, but if you look for simplythefinest you can get an idea of what an extended CCRC is about... with
regular homes... facilities and amenities.
Our community is full now, and there are no homes currently for sale, (waiting list for homes) but the information is typical for many of the newer communities all across the US...

When we're ready, we'll sell, and move to the apartments, or if necessary assisted living... note the services etc available for apartment living.

Reverse mortgage.. not for us... devil in the details.
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