Let’s take a look at real estate and emotions.
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: Bob and I have had some parallel lives in our professional worlds recently and we’ve had a lot of people coming toward us trying to navigate and land well in regards to huge transitions- not end of life moments, but pre-end of life moments when you’ve got to make some decisions on what your legacy is going to be financially, what participation your family’s going to be in landing that legacy and how it looks and how it’s constructed. Those are big decisions when you’re just possibly very tired.
Bob Nelson: It’s estate planning and if you do it well, you can really, really benefit those that will follow you in life. You can also make your life much more comfortable, so that’s part of the process.
Marcia Edwards: I think that a big part of it also is you’ve got to establish early enough when you got your wits about you and your health on you, you’ve got to make sure that you’ve got the team, the support, the people you trust and you may even write those down and with your partner, make sure that you’re on the same page, “This is our attorney, this is our CPA. This is our commercial investment realtor. This is our residential realtor. These are the family members that we want to weigh in. This is when we want them to weigh in,” so it’s not just putting the will down on paper. It’s really about constructing a team with some trust and some context for them.
Bob Nelson: The interesting thing is you’ve mentioned a whole bunch of players that could be on that team, each of them are going to cost a certain amount of money. I guess the real question might start with, “Who do I talk to first? Who has the overall big picture that I’m after? Do I go to an attorney and the attorney will do the legal work,” that documents your decisions and so forth? “Do I go to the CPA?” Well, a CPA can deal with tax issues once you have identified your course of action. In my opinion, you would start with someone with the brilliance of Marsha Edwards, who does understand estate planning, but more than that, understands that you are here and what it’s going to probably look like when you are there and can start you then in the process step by step of, “How do I sequence from where I am now to where I would like to be?” And then financially identify how you’re going to get from point A to B. Now, we need attorneys or CPAs or whatever.
Marcia Edwards: So it’s a strategy discussion first about optimizing opportunity and limiting the liability and looking to forward benefits if you choose to to the next generation, and that’s really choreography that has to be participation from key members. You’re right, not the whole group, but then the players involved once you’ve laid that down if someone has dementia or memory loss, the other team member knows, the other partner knows what team members are theirs.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.