Durable Power of Attorney for Health Care (DPAHC) designations can shape sibling relationships in unexpected ways. When one child is appointed as the sole healthcare agent, other siblings may feel excluded, mistrusted or resentful. Research indicates that surviving adult children report higher-quality sibling relationships when the deceased parent designated someone other than a spouse or child as the DPAHC. This finding suggests that removing siblings from sole decision-making authority may reduce interpersonal conflict during emotionally charged end-of-life situations.
The structure and use of a DPAHC can further influence family dynamics, depending on how authority is assigned and exercised. Parents may appoint children jointly as co-agents or designate them in a specific order of authority. While these legal arrangements clarify who holds decision-making power, they do not guarantee family harmony. The manner in which authority is carried out is often more consequential than the formal designation itself.
To preserve positive sibling relationships, appointed agents, whether serving jointly or individually, should prioritize collaborative and transparent communication by openly discussing medical options, professional recommendations and the parent’s stated values and preferences with all siblings.
Durable Power of Attorney for Health Care (DPAHC) designations can shape sibling relationships in unexpected ways. When one child is appointed as the sole healthcare agent, other siblings may feel excluded, mistrusted or resentful. Research indicates that surviving adult children report higher-quality sibling relationships when the deceased parent designated someone other than a spouse or…
Whether you’re still a decade or more away from retirement or already enjoying life after work, it’s worth asking an important question: Will your financial resources support you for as long as you need them? With people living longer and economic conditions constantly shifting, having a financial plan focused on longevity is essential. The following are strategies that can help you feel confident that your money will support you throughout your lifetime.
■ Create a sustainable withdrawal strategy.
After years of saving, it’s natural to feel excited about using your hard-earned money during retirement. Some retirees are quick to prioritize spending on the retirement dreams and hobbies they planned for, while others hesitate for fear of outliving their savings. A thoughtful withdrawal strategy can help you strike the right balance, allowing you to enjoy your retirement lifestyle today while protecting your financial wellbeing for the years ahead. Your financial advisor can help determine an appropriate withdrawal rate based on your assets, expected expenses and long-term outlook.
■ Build tax-efficient income streams.
Tax efficiency becomes increasingly important as you transition into retirement. A range of investment vehicles — such as Roth IRAs, Roth 401(k)s, Health Savings Accounts, municipal bonds, ETFs and index funds — offer varying degrees of tax advantages in retirement. Maximizing these opportunities can help you keep more of what you earn and stretch your income further. Because the options are diverse and each person’s circumstances are unique, an advisor can help you identify which combination best aligns with your goals.
■ Consider guaranteed income solutions.
Having at least one reliable, predictable income source in retirement can provide peace of mind. Guaranteed income solutions typically offer payments on a regular schedule and are not affected by market downturns. Options may include pensions provided by former employers, annuities purchased through insurance companies and Social Security benefits. Understanding which of these solutions are available to you — and how they fit within your broader retirement plan — can help create greater stability and confidence in your long-term cash flow. But it’s important to understand the associated fees, contract terms and trade-offs before making a decision.
■ Be strategic about Social Security timing.
Social Security is often a cornerstone of retirement income and deciding when to begin collecting benefits can have a significant financial impact. While you’re eligible to start receiving payments at age 62, benefits increase each year you delay — up to age 70.1 If you have other income sources to support your early retirement years, waiting may provide a higher lifetime benefit. Your financial advisor can model different scenarios and help you determine the timing that best supports your personal and financial goals.
■ Work with a financial advisor.
No one wants to reach the later chapters of life feeling financially vulnerable or uncertain about the future. Working with a financial advisor can help you create a plan designed to support longevity, adapt to life changes and inspire confidence that your money continues working for you.
Michael W. K. Yee, CFP®, CFS®, CLTC®, CRPCTM, is a Private Wealth Advisor/Financial Advisor with Ameriprise Financial Services LLC in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies and has been in practice for 42 years. 1 Social Security Administration: “Starting Your Retirement Benefits Early.” ssa.gov/ benefits/retirement/planner/agereduction.html Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Whether you’re still a decade or more away from retirement or already enjoying life after work, it’s worth asking an important question: Will your financial resources support you for as long as you need them? With people living longer and economic conditions constantly shifting, having a financial plan focused on longevity is essential. The following…
Every May, National Older Americans Month (established in 1963 by President John F. Kennedy) celebrates the profound volunteer contributions of our country’s senior citizens. Here in Hawai‘i, we deeply value our kūpuna, whose wisdom and aloha spirit shape our communities. During Older Americans Month, each Hawai‘i county honors its special senior citizens with Outstanding Older American Awards, crowning a male and female champion who go on to represent their island at the state level. This year’s national theme, Champion Your Health, emphasized wellness, prevention and the active role older adults play in society.
Hawai‘i’s four county Area Agencies on Aging received nominations from the public for Outstanding Older Americans, recognizing two kūpuna from each county for their invaluable lifelong volunteer contributions and community service. Communities across our state honored their kūpuna throughout the month: Maui and Hawai‘i County hosted their celebrations on May 9, Honolulu County held its event on May 15 and Kaua‘i County concluded the month’s festivities with a gathering on May 29. Following these county celebrations, the state gathered for the Governor’s Hawai‘i Statewide Older Americans Month Recognition Ceremony on June 12 at 15 Craigside in Honolulu.
The Roots of Our Community
Our kūpuna are the roots that ground our island communities. Every year, Hawai‘i’s Outstanding Older Americans Month events highlight their strength. Through a lifetime of selfless kōkua (help) and deep aloha, awardees remind us that the most beautiful legacy we can leave is a community uplifted.
The chicken-skin stories of our honorees reveal our immense good fortune and privilege to be inspired by these service-above-self leaders. By honoring these individuals who volunteer their time sharing their talents, we become aware of the value of giving. May we always draw from their strength and carry their legacy forward.
Mahalo palena ‘ole (boundless gratitude) to our venerable ku¯puna — living treasures whose wisdom and grace continue to guide Hawai‘i toward a brighter tomorrow
Every May, National Older Americans Month (established in 1963 by President John F. Kennedy) celebrates the profound volunteer contributions of our country’s senior citizens. Here in Hawai‘i, we deeply value our kūpuna, whose wisdom and aloha spirit shape our communities. During Older Americans Month, each Hawai‘i county honors its special senior citizens with Outstanding Older…
You get a lab test done only to find out that the cost has increased from previous years. As confusing as the Medicare program is, it is equally perplexing as to why costs continue to increase.
Medicare is funded by payroll and income taxes, Medicare premiums and congressional funds. Based on the accumulated funds and factors like inflation, the provisions of the Social Security Act determine Medicare premiums and cost of services. If taxes and congressional funds are not enough and inflation is trending upwards, Medicare premiums will increase as a result.
In addition, over 10,000 people turn 65 every day in the US, which means that more people rely on Medicare to cover their healthcare needs. More beneficiaries lead to increased spending on physician-administered drugs. Healthcare services costs increase to keep up with demand.
You can reduce your healthcare costs by reviewing your Medicare plans and comparing them to other plans. If you only have Original Medicare (Parts A and B), see if you can benefit from Medigap or a Medicare Advantage Plan.
You get a lab test done only to find out that the cost has increased from previous years. As confusing as the Medicare program is, it is equally perplexing as to why costs continue to increase. Medicare is funded by payroll and income taxes, Medicare premiums and congressional funds. Based on the accumulated funds and…
The death of a parent can profoundly affect sibling relationships. Research suggests that a parent’s death removes a central emotional link between siblings, reactivates unresolved childhood rivalries and intensifies longstanding family tensions. Differences in grieving styles, disagreements over final arrangements and the distribution of parental property can further strain relationships. End-of-life healthcare decision-making may become another arena in which these earlier conflicts resurface.
Although advance directives are intended to clarify a parent’s wishes, they do not always function as expected in real-world medical settings. When a patient is admitted to an ICU and determined to be near death, the instructions contained in an advance directive may not guide care as clearly as families anticipate. In practice, health care professionals often turn to family members and ask them to decide whether life-sustaining treatments should continue or be withdrawn. In addition, these decisions that are typically framed as urgent place families under extraordinary emotional pressure and can intensify sibling conflict. Being asked to make a life-ordeath decision for a loved one frequently results in profound and enduring guilt — an emotional burden that can shape individual grief and alter long-term family relationships.
The death of a parent can profoundly affect sibling relationships. Research suggests that a parent’s death removes a central emotional link between siblings, reactivates unresolved childhood rivalries and intensifies longstanding family tensions. Differences in grieving styles, disagreements over final arrangements and the distribution of parental property can further strain relationships. End-of-life healthcare decision-making may become…
One of the most rewarding aspects of retirement is the opportunity to reclaim your time and invest it in pursuits that bring joy, fulfillment and personal growth. For many retirees, travel is not just a leisure activity but a long-held aspiration and a central part of their vision for this next chapter of life. If traveling in retirement is on your to-do list, the following considerations can help you evaluate your options and build a strategy that supports your desire to explore the world on your financial terms.
Be strategic about timing. When it comes to retirement travel, timing matters. Many retirees choose to embark on their most ambitious trips during the early years of retirement, when physical and mental health are often at their peak. These initial years may involve longer or more frequent journeys, which can result in higher travel expenses. If this aligns with your personal goals, consider front-loading your travel budget to accommodate a more active lifestyle early on in retirement. Adjusting your financial plan to reflect this pattern can help you enjoy your adventures while maintaining long-term financial stability.
Define your travel style and preferences. Understanding your travel preferences is key to estimating costs and planning effectively. Are you envisioning short road trips to nearby destinations, extended RV road trips or regular international travel? Each approach comes with its own financial implications. For example, domestic travel by car may be relatively affordable, while overseas trips can involve higher costs for airfare, lodging and insurance. By clarifying the type and frequency of travel you envision, you can tailor your retirement plan to reflect realistic spending expectations and avoid surprises.
Look for ways to reduce travel expenses. Travel doesn’t have to break the bank. There are many ways to reduce costs without sacrificing enjoyment. Consider renting a home or apartment if you plan to stay in one location for an extended period, which can be more economical than staying in hotels. Take advantage of your flexibility as a retiree by traveling during off-peak seasons, when prices for flights and accommodations are often lower. With a little research and planning, you can stretch your travel dollars further and make each trip more affordable without sacrificing the experience.
Review your insurance coverage. Insurance is an often-overlooked aspect of travel planning, but it can be crucial, especially in retirement. Travel insurance can provide peace of mind by covering unexpected events such as illness, trip cancellations or lost luggage. It’s also important to understand the limitations of your health insurance coverage. Medicare, for example, does not provide coverage outside the United States and even domestic travel may require supplemental insurance depending on your provider. Reviewing your insurance needs before you travel ensures you’re adequately protected wherever your journey takes you.
Retirement is a time to embrace new adventures and travel can be one of the most fulfilling ways to do so. Consider connecting with a financial advisor to create a well-crafted financial strategy that supports your lifestyle and brings your retirement vision to life without compromising your long-term goals.
MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC® 1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814 808-952-1240 | michael.w.yee@ampf.com ameripriseadvisors.com/michael.w.yee Michael W. K. Yee, CFP®, CFS®, CLTC®, CRPCTM, is a Private Wealth Advisor/Financial Advisor with Ameriprise Financial Services LLC in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies and has been in practice for 42 years.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER ®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
One of the most rewarding aspects of retirement is the opportunity to reclaim your time and invest it in pursuits that bring joy, fulfillment and personal growth. For many retirees, travel is not just a leisure activity but a long-held aspiration and a central part of their vision for this next chapter of life. If…
Hawai‘i has a higher percentage of its population living in condominiums than any other state. Reasons include the relative scarcity of land and the time and expense of buying and maintaining single-family homes, making condos attractive, especially for the elderly.
But like any investment, condos come with risks. Here are some things that people may wish to think about before buying into a condo.
Are you ready for common decision making? Obviously, it’s great to have a built-in community, not only for the fellowship that it brings, but also the shared costs. Why pay for the cost to maintain a pool by yourself when you can contribute only a small percentage of that expense and still enjoy a swim?
However, if you have only lived in a single-family home and are used to making your own decisions, keep in mind that with a condo, you are buying into (literally and figuratively) a democracy. Some condo democracies are great, but many are extremely dysfunctional. And sometimes it takes democracies a long time to recognize and correct their errors.
What do the reserves look like? Hawai‘i was the first state to require mandatory savings on the part of condominium boards so that money is set aside to maintain the building and meet future expenses. Unfortunately, while that law exists on paper, it is often not adhered to. When it is ignored, owners can be hit with large special assessments or loan payment obligations. Make sure the reserves are fully funded per the law.
The absence of maintenance fee increases is not a good thing. One board that was successfully sued bragged about how maintenance fees didn’t go up for more than 10 years. Of course, over the course of those 10 years, wages rose, insurance increased and other costs went up. This resulted in things being neglected. At one point, the condominium had more roof leaks than it had condominium units.
Newer is not always better. We have all seen the gleaming new buildings, but quite often, the shiny new towers have significant construction defects. Some of the developers, contractors, architects and engineers who build them shower politicians with campaign contributions. These may not be disconnected phenomena. Do campaign contributors want something for the money they are shelling out, maybe in the form of laws that are designed to protect them from claims by consumer homeowners? While it’s always nice to buy into a brand-new building, prospective purchasers might want to wait a few years to see what defects are discovered by those living there.
Will the building remain accessible for your current and future needs? Especially as we age, accessibility becomes more paramount. While this is usually less of a problem in newer buildings that are supposed to be built pursuant to modern codes, that certainly is not the case for older buildings. A two- or three-story walk up might not be a problem when you’re in your 40s, but it could very well be an issue in your 70s. Additionally, the Fair Housing Act usually only requires that a building allow an accommodation, it is not usually required to pay for it. You as the unit owner can obtain reasonable accommodations, but usually you need to pay for them.
Do your research and work with local professionals to ensure a successful, informed purchase.
Terry Revere is an attorney with Revere & Associates who specializes in representing Hawai‘i’s homeowners.
Hawai‘i has a higher percentage of its population living in condominiums than any other state. Reasons include the relative scarcity of land and the time and expense of buying and maintaining single-family homes, making condos attractive, especially for the elderly. But like any investment, condos come with risks. Here are some things that people may…
If a parent becomes incapacitated, adult children are frequently called upon to serve as healthcare advocates for their parents. Advance care planning is the ongoing process that includes discussion, reflection upon and preparation for future medical decisions based on personal values.
An advance care directive, a legal document resulting from this process, records those wishes, and are widely promoted as a tool to ease the decision-making burden. This legal document allow individuals to communicate their preferences for future medical care in the event they can no longer express their wishes. Advance directives typically include two key components: end-of-life decisions and a Durable Power of Attorney for Health Care (DPAHC). End-of-life decisions enable individuals to specify which treatments they would accept or refuse near the end of life, while a DPAHC authorizes another person to make medical decisions on their behalf if they become incapacitated.
Advance care planning can promote autonomy, dignity and a sense of control over future medical care, while increasing the likelihood that treatment aligns with personal preferences. However, the presence of an advance directive does not necessarily improve family dynamics after a parent’s death or prevent conflict among surviving adult children.
If a parent becomes incapacitated, adult children are frequently called upon to serve as healthcare advocates for their parents. Advance care planning is the ongoing process that includes discussion, reflection upon and preparation for future medical decisions based on personal values. An advance care directive, a legal document resulting from this process, records those wishes,…
If you’re between the ages of 35 and 60, you may be feeling a financial pinch from both your growing — or grown — children and your aging parents or in-laws.1 You may also find yourself juggling your work commitments and the expectations of family members for your time and support. As a member of what’s known as the “sandwich generation,” you’re not alone.
Children today leave home later than in previous generations and less permanently. Today, children tend to live at home longer — or move out and return over time, sometimes with their own children in tow. And parents tend to live longer, often spending 25 years or more in retirement. If you’re wondering how to keep yourself financially on track, the following strategies may help.
■ Pay yourself first. Instead of paying your bills and other expenses and save what’s leftover, automatically route a portion of your paycheck to your 401(k), Roth IRA or other retirement savings account — and encourage your working children to do the same. This ensures you’re regularly investing in your future financial security. ■ Talk openly about finances. Discuss the basic tenets of sound money management with your children to help them develop good financial habits at an early age. According to an Ameriprise Financial study, 70% of parents involve their children in family financial decisions to help instill values and principles,2 allowing them to see where they can contribute. It’s equally important to talk with your parents about their plan for meeting their future financial obligations. ■ Make sure financial and legal documents are up to date. You, your parents and your children must determine whether you’ll need a Durable Power of Attorney, a Healthcare Proxy, a Living Will and a Last Will and Testament. Also, review and update beneficiary designations on investments and insurance policies (they may outweigh what is stated in a will). Keep a list of your financial accounts and passwords — know where your parents and children keep theirs. ■ Discuss long-term care insurance. In-home health care costs or a lengthy nursing home stay can be very costly. If you or your parents don’t have long-term care insurance, it may be wise to look into it to see if it fits with your family’s goals and options. ■ Explore resources to help offset costs. If your children are attending college, research the scholarship opportunities or work-study programs that may be available to them. Also, find out whether your parents qualify for any federal, state or local benefits for their care. ■ Set limits. If you have the desire and financial resources to support adult family members, it’s important to balance your generosity with ensuring you have enough money to last through retirement — and support your family’s own financial independence. Be clear with your children and parents about how much financial support you are realistically able to provide.
Managing the responsibility that comes with being a member of the sandwich generation can be difficult. For help understanding how to plan for your future while caring for those who matter most to you, consult a reputable financial advisor. An advisor can help you create a financial strategy that makes sense for your unique situation.
MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC® 1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814 808-952-1240 | michael.w.yee@ampf.com ameripriseadvisors.com/michael.w.yee Michael W. K. Yee, CFP®, CFS®, CLTC®, CRPCTM, is a Private Wealth Advisor/Financial Advisor with Ameriprise Financial Services, LLC in Honolulu, Hawaii. He specializes in fee-based financial planning and asset management strategies and has been in practice for 42 years.
If you’re between the ages of 35 and 60, you may be feeling a financial pinch from both your growing — or grown — children and your aging parents or in-laws.1 You may also find yourself juggling your work commitments and the expectations of family members for your time and support. As a member of…
Making long-term care decisions for aging parents can be emotional, stressful and complicated. The biggest challenge is navigating differences without damaging family relationships.
Different views are normal: Each sibling brings a unique perspective. One may prioritize safety, another independence and another cost/logistics. Different priorities don’t mean someone is wrong—they reflect different experiences and concerns.
There’s no perfect answer: When it comes to long-term care, there is rarely a single “right” solution. In-home care, assisted living, memory care and nursing facilities all involve trade-offs, so focus on what reasonably meets your parent’s safety, dignity and quality-of-life needs.
Help exists: Geriatric care managers, eldercare attorneys, social workers, patient advocates and support groups can help guide difficult decisions. Kupuna Pono also offers family conferencing and mediation to help resolve kupuna care disagreements.
Keep relationships first: Aim for 80% agreement on the plan, then commit 100% to supporting it. Protecting family relationships matters more than being right. Disagreements happen, but remember that help is available and families can move forward together with the right support and perspective.
Making long-term care decisions for aging parents can be emotional, stressful and complicated. The biggest challenge is navigating differences without damaging family relationships. Different views are normal: Each sibling brings a unique perspective. One may prioritize safety, another independence and another cost/logistics. Different priorities don’t mean someone is wrong—they reflect different experiences and concerns.…
An inherited individual retirement account (IRA) is a potential financial windfall that may create new opportunities for achieving your financial goals. If you are a beneficiary or expect to be one in the future, know that recent legal changes regarding inherited IRAs can result in costly implications if not followed properly. The Internal Revenue Service (IRS) has clarified rules included in the 2019 SECURE Act that are important for IRA beneficiaries to understand. Determine if these new rules are applicable to your situation:
Different beneficiaries have different rules. Spouse beneficiaries will ultimately have much more flexibility with how they utilize an inherited IRA. Spouses can spread withdrawals from the account over their lifetime or roll the funds into their own IRA. For most other beneficiaries, such as children or grandchildren, the rules are more rigid. Non-spouse beneficiaries inheriting an IRA between 2020 and 2024 were required to withdraw all assets from the account within 10 years of the original account owner’s death.
New, more stringent rules in 2025. Those who inherited an IRA beginning in 2025 face more restrictions. In most cases, non-spouse beneficiaries must take annual IRA distributions from the inherited account. The annual distribution requirement applies if the account was inherited from an IRA owner who already reached the required minimum distribution (RMD) age before death, which, under current law, is age 73.
Annual distributions are determined using the IRS life expectancy calculation tables. The distribution must, at a minimum, equal this calculated distribution amount. The beneficiary can take larger distributions, but annual minimum withdrawal requirements must be met for the first nine years. In year 10, the balance of the IRA must be distributed. Failure to withdraw at least the minimum amount can result in a penalty equal to 25% of the under-distributed amount. For example, if you are required to withdraw $20,000 from the inherited IRA, but only took $10,000, you could be subject to a $2,500 penalty.
If the account was inherited from an owner who did not yet reach RMD age, the beneficiary still has 10 years to withdraw all the money. The beneficiary will also have the choice to determine how much and how often. The new, more stringent rules don’t apply to beneficiaries who are minor children, have a disability/chronic illness or for IRAs held in certain trusts. If these exceptions are met, beneficiaries can “stretch” inherited IRA withdrawals over their lifetime. To determine if your inherited IRA is subject to new distribution rules, contact a financial advisor and tax professional.
Planning is even more critical. Withdrawals from an inherited traditional IRA result in more taxable income. Consider the financial and tax implications of your withdrawal strategy, including whether the distributions will change your tax bracket. Distributions could mean your income reaches thresholds that result in increased taxes, higher premiums for marketplace health insurance coverage under the Affordable Care Act, or a higher tier for Medicare Part B and D premiums.
Contact your financial advisor to discuss the impact of an inherited IRA.
MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC® 1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814 808-952-1240 | michael.w.yee@ampf.com ameripriseadvisors.com/michael.w.yee Michael W. K. Yee, CFP®, CFS®, CLTC®, CRPCTM, is a Private Wealth Advisor/Financial Advisor with Ameriprise Financial Services, LLC in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies and has been in practice for 42 years.
Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
An inherited individual retirement account (IRA) is a potential financial windfall that may create new opportunities for achieving your financial goals. If you are a beneficiary or expect to be one in the future, know that recent legal changes regarding inherited IRAs can result in costly implications if not followed properly. The Internal Revenue Service…
Selling real estate is one of the most impactful financial decisions you make. Understanding taxes, especially capital gains, can make the difference between simply selling a property and creating a lasting legacy.
When you sell your property for more than you paid for it, the profit is called a “capital gain.” If the property was owned for less than a year, the capital gain amount is taxed as ordinary income. If held longer, it’s taxed at a lower federal rate (0%, 15% or 20%), plus state taxes. But there are ways to minimize these taxes.
The primary residence exclusion benefit allows eligible homeowners to exclude up to $250,000 of capital gains for a single owner and $500,000 for married owners filing jointly, if they’ve lived in the property two of the last five years.
For investment properties, a 1031 exchange lets you sell and reinvest in another like-kind property, deferring capital gains and keeping more equity working for you.
A 1031 exchange can improve cash flow, diversify your portfolio and strengthen your real estate plan by passing on property with a stepped-up cost basis. By planning early and always seeking advice from a tax professional and real estate wealth advisor, you can prevent family disputes and create strategies to build, protect, preserve and transfer wealth for future generations.
Selling real estate is one of the most impactful financial decisions you make. Understanding taxes, especially capital gains, can make the difference between simply selling a property and creating a lasting legacy. When you sell your property for more than you paid for it, the profit is called a “capital gain.” If the property was…
