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Turn Your Wish Into a Goal: Life Transitions and Your Home
Published Date : July 25, 2016
“A goal without a plan is just a wish.” –Antoine de Saint-Exupery
Change is coming for all of us- no one is immune to it. Life itself is one big transition felt through various life experiences that range in their significance and pleasantness over the course of a lifetime. The best way to prepare for these foreseeable life changes is to deliberately prepare for them. Specifically, major transitions regarding your home are both inevitable and emotionally strenuous but it’s a crucial part of your financial planning.
Your home is the most personal space you know. Your children may have grown up in your current house and you may still see the pencil marks you made on the door frame marking their growth. It can be an excruciating exercise to think about leaving someday and consciously deciding whether you are open to, or able to, stay in your home. Either decision – stay or go – leads to the exploratory planning exercise of what that will entail.
Importantly, when once you and your spouse have thoughtfully envisioned your life and goals in the years to come the next critical step is to have a conversation with your family about these decisions. Incorporating your family into the process paves the way for formal or informal arrangements that smartly maximizes wealth and alerts loved ones to your wishes for handling the home when you become older. As an example, if you want to stay in your home, and have always expected that your son or daughter will take care of home maintenance when you are unable, do they know they are being identified as the home maintenance contact? Having the conversation with your spouse will help identify your priorities and formulate goals to make this part of your life transition easier for yourself and your family.
Below are some questions to help guide your thought process:
- Where will you live? Will you stay at home or are you willing to move to an assisted living facility or Continuing Care Retirement Community (CCRC)?
- Is your home aging friendly? If not, what preparations have you made to make the home more aging friendly? (widen doorways, downstairs bedroom and bathroom, etc.)
- What will the cost be to maintain your home and how does that compare to the cost of a retirement community?
- How close is your home to your social circle, good medical care, a grocery store and restaurants?
- Who will be in charge of home maintenance and does that person know they’ll be in charge?
- When will you decide it’s time to move to a more age friendly home?
- When you or a family member feels it’s a safety issue?
- When you can no longer perform the required upkeep?
- When you are no longer driving and safe transportation becomes an issue?
- When interaction with others is impeded?
- When the cost of in home care exceeds the cost of a move?
- Having these conversations now should be helpful to the process and allows you the time to think about and prioritize your real feelings on the subject.
Having these conversations now should be helpful to the process and allows you the time to think about and prioritize your real feelings on the subject.
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Information provided in written articles are for informational purposes only and should not be considered investment advice. There is a risk of loss from investments in securities, including the risk of loss of principal. The information contained herein reflects Sand Hill Global Advisors' (“SHGA”) views as of the date of publication. Such views are subject to change at any time without notice due to changes in market or economic conditions and may not necessarily come to pass. SHGA does not provide tax or legal advice. To the extent that any material herein concerns tax or legal matters, such information is not intended to be solely relied upon nor used for the purpose of making tax and/or legal decisions without first seeking independent advice from a tax and/or legal professional. SHGA has obtained the information provided herein from various third party sources believed to be reliable but such information is not guaranteed. Certain links in this site connect to other websites maintained by third parties over whom SHGA has no control. SHGA makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. SHGA is not responsible for the consequences of any decisions or actions taken as a result of information provided in this presentation and does not warrant or guarantee the accuracy or completeness of this information. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of SHGA.
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All video presentations discuss certain investment products and/or securities and are being provided for informational purposes only, and should not be considered, and is not, investment, financial planning, tax or legal advice; nor is it a recommendation to buy or sell any securities. Investing in securities involves varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular client’s financial situation or risk tolerance. Past performance is not a guarantee of future returns. Individual performance results will vary. The opinions expressed in the video reflect Sand Hill Global Advisor’s (“SHGA”) or Brenda Vingiello’s (as applicable) views as of the date of the video. Such views are subject to change at any point without notice. Any comments, opinions, or recommendations made by any host or other guest not affiliated with SHGA in this video do not necessarily reflect the views of SHGA, and non-SHGA persons appearing in this video do not fall under the supervisory purview of SHGA. You should not treat any opinion expressed by SHGA or Ms. Vingiello as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of general opinion. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided on this video. There is a risk of loss from an investment in securities, including the risk of loss of principal. Neither SHGA nor Ms. Vingiello guarantees any specific outcome or profit. Any forward-looking statements or forecasts contained in the video are based on assumptions and actual results may vary from any such statements or forecasts. SHGA or one of its employees may have a position in the securities discussed and may purchase or sell such securities from time to time. Some of the information in this video has been obtained from third party sources. While SHGA believes such third-party information is reliable, SHGA does not guarantee its accuracy, timeliness or completeness. SHGA encourages you to consult with a professional financial advisor prior to making any investment decision.
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