Cherie, being a "young senior" herself, has gone through specialized training and truly understands the needs, concerns, and more importantly the opportunities our senior population is being faced with today. "I really don't like being called a senior, laughs Cherie, but the fact of the matter is, I am one! I love the changes that have come about in the past few years that provide help and relief to our "young seniors", "junior seniors" and "senior seniors". Changes such as the 1997 tax law which now allows the seller to keep their profits instead of paying capital gains tax. We are also seeing an increase in 1031 tax-free exchanges, reverse annuity mortgages and downsizing to smaller, maintenance free homes. Hopefully the boomerang kids are gone for good this time! For more information on the Senior Real Estate Specialist Designation, SRES, click here. Less than ˝ of 1% of the real estate professionals in the world have obtained this coveted designation provided by the National Association of Realtors®. Please visit this page often as we will be adding pertinent information for our seniors as it becomes available, or contact Cherie today at (859) 533-3511 or via e-mail. Certain questions have come up repeatedly over the course of numerous planning sessions I have had with prospective senior sellers. The following list summarizes the 15 most commonly asked questions or concerns voiced over the years. These clients have owned both homes and income property where they lived in one of the income units. If you do, treat the unit as your home for real estate tax purposes. I hope that you will find these stimulating and thought provoking in your search for the proper solution to your particular issues and needs. Please remember that adding a Seniors Specialist, REALTOR® along with a CPA, Attorney and Financial Planner to your support team can greatly relieve your stress. We have used the "Question and Answer" format to simplify the explanation of these considerations step by step: I've already planned my retirement so all I need to do now is sell my property. Right? I'm going to have to pay taxes someday so why don't I just get it over with now? If you specialize in tax-deferred sales, what do you suggest? We've owned a mountain resort property for years and want to sell it. The capital gains taxes are huge. What can you suggest? Isn't carrying the loan too risky? How would I know who is a good credit risk? What's the worst thing that could happen to me if I carried back some of my equity in a trust deed (mortgage)? This sounds interesting. Could I keep my money out at interest for a longer period of time? If l did an installment sale and then I needed cash in an emergency? Can I do this? I've heard that a 1031 exchange can save me money. How does it work? Why don't l just refinance the property and live off the money? Isn't there a way that I could sell my property and stay here until I'm ready to move. How does the 1997 federal tax occlusion work? There aren't any more capital gains, right? How can I get my equity to work for me and not against me? How can I be sure that I'm doing the right thing and using my equity to its optimum? Back to Top Buying a home? Fill out our on-line Buyer Inquiry Form Selling a home? Fill out our on-line Seller Inquiry Form Relocating? Fill out our on-line Relocation Inquiry Form or call us toll free at 1-866-come2ky! REALTOR®, ABR, CNHS, CRS, GRI, SRES REALTOR®, ABR, CRS, GRI REALTOR®, ABR, CRS, GRI REALTOR®, ABR, CCREC Email Cherie, Shirley, Kitty & Linda: inquiry@welcome2ky.com Toll Free Phone: 1-866-come2ky (1-866-266-3259) Keller Williams Realty Bluegrass 2424 Harrodsburg Rd. Suite 101 Lexington, Kentucky 40503 You may NOT reproduce or copy any information, graphics or html contained herein (including the character "Lexie" and his likeness) for use on another website or other promotional materials without specific written authorization from Shirley DeBoor, Cherie Butler, Kitty Lane or Linda Wiley. Violators will be subject to legal action for copyright infringement. In accordance with the law, the properties and real estate services featured on this web site are offered without respect to race, color, creed, sex, national origin, physical limitations, or familiar status. REALTOR® is a registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to it's strict Code of Ethics.