Monterey Herald

Further on seniors and property title

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Q : Last week you wrote about how important it is to get mechanic's liens released from your real estate title and get permits signed off. I have one to add >> If you have paid off your mortgage or a line of credit, make sure the lender releases their lien on your title. I am in escrow now selling my house and trying to chase down a bank to get them to release a loan I paid off years ago. It may delay closing on time. Please warn your readers!

A : Agreed and thank you for writing. Always get a Reconveyan­ce if loans that are secured by your real estate have been paid off. Along those lines, you should also recover the original Promissory Note used in loan transactio­ns once the debt is repaid. This is especially true if the loan is not secured by real estate. Forgetting to collect your original Promissory Note after the debt is paid is risky. The lender could come back later and claim the loan was not repaid and, with your original Promissory Note in hand, they have documentat­ion. It would be incumbent on you to prove you made the payoff. So many ways to get tripped up, right? As a favorite client says, “Details, details. Always close the loop.”

Q : I am on the fence about a major decision and thought you might be able to help. I am considerin­g moving from my home to a senior residentia­l community. My wife passed away a year ago and I feel like I am just rattling around our now empty house. I seem to spend most of my time either taking care of the house or missing her. I'm not sure if moving is the best thing. Also, should I go to one of these places that you buy into or the month-to-month option?

A

: First, please wait at least 18-months after your wife's passing to make such a big decision. Research shows that when we have lost a loved one, decisions made in the first 18 months may lead to regret. Don't get me wrong, moving may be a great decision, just give yourself some time to emerge somewhat from your deep grief.

Moving to a senior living fa

cility can be a good choice for a number of reasons. Living among other seniors who are in a similar place in life can offer great comfort along with socializat­ion opportunit­ies. Other seniors may know what you are going through and it is possible to form great friendship­s. When a spouse passes with whom you have spent most or all your adult life, it is not unusual to isolate at home. Unfortunat­ely, such isolation can deepen depression, sadness and loneliness. For your own mental and physical health, socializat­ion is extremely important and senior living facilities offer a chance for shared meals, excursions, structured games both indoor and out, and spiritual observatio­n.

Buy-in or rent month-tomonth? That is a decision you would make after considerin­g your finances and the services offered by the facility. The buy-in model is where you pay a larger fee at the onset and, ostensibly, the monthly fees are less. Most buy in facilities provide “continuing care” which means that if you were to progress to needing memory care or skilled nursing, you could remain at the same facility. This is great because the social community you develop would remain intact.

Give it some time and then work with a trusted advisor or friend who can help you evaluate your choices based on your interests, finances and needs.

Liza Horvath has over 30 years of experience in the estate planning and trust fields and is a licensed profession­al fiduciary. Liza currently serves as president of Monterey Trust Management. This is not intended to be legal or tax advice. If you have a question, call (831) 6465262 or email liza@ montereytr­ust.com

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