Real Estate Matters

Many people are concerned about what will happen to their assets after they pass away. This is a very important decision, but it can also be very confusing because there are so many options. One important decision you will face is whether to have a living trust, a will, or both. Understanding the terms and knowing where to go for help are the first steps to making this very important decision. Take a moment to familiarize yourself with the common basic terms then contact me, your local SRES agent and I can help answer your questions and put you in touch with my team of local financial experts.

1. Trust- A trust is a legal arrangement where one person (known as the “trustee”) controls property given by another person (known as the “grantor”) for the benefit of someone else (known as the “beneficiary”). Although it is not a requirement, with most living trusts, the grantors are also the trustees during their lifetimes, as long as they remain competent.

2. Living Trust- The term “living” refers to the fact that these trusts take effect while the grantor is still alive. In order for this to happen, grantors must transfer their property and assets into the trust, called “funding the trust”. Under most living trust arrangements grantors, while still competent, are free to change the terms of the trust. A living trust is different from a living will. A living will is a document that expresses your wishes about being kept alive if you become terminally ill or seriously incapacitated.

3. Will- A will is a legal document that gives direction about how you want to distribute your assets after death. It does not take effect until after your death.

4. Probate- Probate is a legal process that usually involves filing a deceased person’s will with the local probate court, taking inventory of the person’s property, paying off all legal debt, and eventually distributing the remaining assets and property. If the person passed away without a Will, the estate will still be probated and the property will be distributed according to state law, not according to the deceased person’s wishes.

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A Few of the Advantages of Living Trusts

v Having a Living Trust ensures that your property will never go through Probate Court.

v A revocable trust can be changed or revoked at any time.

v The trust is not a recorded document, which ensures your privacy.

v The person named in the trust takes over if you are incapacitated and can manage your affairs without interference from the court.

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Where to Go to Get More Information

v Contact me, Emil P. Lupu, at (352) 726-6668, and I will be happy to help answer your questions and put you in touch with a reputable financial expert in your area.

v AARP, “A Consumer’s Guide to Living Trusts and Wills”. Contact AARP at 1-800-424-3410 or visit them on the web at http://www.aarp.org

v American Bar Association (ABA), “Guide to Wills and Estates”. Call 1-800-285-2221 or visit them on the web at http://www.abanet.org , click on the Public tab.

v Council of Better Business Bureaus, Inc. Call 703-276-0100 or visit them on the web at http://www.bbb.org

With property values soaring across the country, historically low interest rates, and the volatility in the stock market, consider putting some of your funds into a Real Estate purchase instead of the usual stocks, bonds, or mutual funds! Here are some tips on how to do it, and what your Real Estate IRA can and cannot do:

1. You can use the money in a traditional IRA, Roth IRA, or simplified employee pension plan to buy land, condos, commercial real estate, or residential properties, but you cannot serve as the custodian of your IRA. You must establish what is called a self-directed retirement account with a custodian

2. You cannot use IRA money to invest in a residence or vacation home. You also cannot buy an investment property for or from your kids, spouse or parents. And, you cannot put a property you already own into your Real Estate IRA.

3. There are many other things to consider before investing in a Real Estate IRA, so be sure to contact me so I may help answer your questions and help put you in touch with my team of financial experts in your area!

Source: http://www.pensco.com/RealEstateOverview.asp

Data from a recent research project conducted by the AARP revealed that eight in ten baby boomers say they plan to work at least part time during retirement. And, Americans can expect 5 to 7 career changes in a working lifetime. If you are one of the many who are thinking of changing careers or exploring your options after retirement, check out VocationVacations, a new travel company that lets people try out their fantasy jobs for a weekend. You will spend a weekend with a professional in the field of your choice. Try your hand at being a winemaker, master gardener, rancher, chocolatier, cheesemaker, brewmaster, or innkeeper among many other professions. The average trip lasts two days and costs between $500 and $1,200 and includes a follow-up session with a career coach if you are serious about making the leap to a new career. Visit their website at:

http://www.vocationvacations.com/ for more information.

Source: http://www.vocationvacations.com/

As a Seniors Real Estate Specialist®, I have the training and resources to work with you on all of your real estate needs. I will work with you to provide you with information to benefit you as a homeowner. For more information on important Senior Issues, call me at: (352) 726-6668 or (352) 302-1713

Real Estate Matters: News & Issues for the Mature Market

Emil P. Lupu

Century 21 J.W. Morton

1645 W. Main St.
Inverness, Fl. 34450

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Inside This Issue:

· Tips for Seniors About Living Trusts

· Use Your IRA to Invest in Real Estate!

· Considering a Career Change? Think VocationVacations!