Owners wants to sell their house without using a broker

Q: We want to sell our house without using a broker. I think you call it being a FSBO (for sale by owner). Please send all information. — L. H.

A: In my state, beginner real estate agents must complete 75 classroom hours and pass a state exam before they’re allowed to assist home sellers, and even then, it must be under the close, personal supervision of an experienced broker. So if you’re going to go it alone, you’ll do well to start by studying. I suggest you start at

the library. Ask for help locating some beginners’ real estate textbooks, and then buckle down and study.

Q: I am 73 years old. When should I give my house and all my property to my children? — E. R.

A: For some people, the answer might be right now. For others, it would be never. Or it might be somewhere in between.

The answer depends on your financial situation, the size of your estate, gift taxes, your relationship with your children, their situations, your health and lots of other factors.

At any rate, if you have a small estate and expect to qualify for Medicaid help, understand that there is a five-year look-back period, and assets you’ve given away during that time will be considered, more or less, as if you still owned them, and you will receive a coverage penalty.

And if you have a larger estate, I’d suggest getting your guidance from a lawyer or CPA who specializes in estate planning.