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When it comes to real estate, most people focus on the here and now—mortgage rates, market conditions, and property values. But there's a bigger picture to consider: how real estate ties into estate planning. In this week’s Elder Law Report podcast, Attorney Samantha Gordon and realtor Alisha Askew discuss why integrating estate planning with real estate investments is crucial for securing your financial future.

Myths About Real Estate

One current misconception is that current rates are too high for homebuyers. While many people are hesitant, historical data shows the average mortgage rate is around 7.73% - higher than today's rates. Especially in growing markets like Charlotte, NC, property values continue to rise, making real estate a solid long-term investment despite concerns about interest rates. 

Another misunderstanding surrounds renting vs. owning. Renting might seem more flexible, but in reality, it's helping someone else build up equity - paying someone else's mortgage! Owning a home, on the other hand, lets you build your own equity, which can provide financial security, support long-term care, or be passed down to future generations. 

Estate Planning's Role in Real Estate

The real kicker? Without proper estate planning, managing real estate can become a legal headache. Key documents like a power of attorney (POA) and a will or trust ensure that your property is handled according to your wishes if you become incapacitated or pass away. For example, a POA allows someone to manage your property if you're unable to. Without it, your family could face lengthy court battles to gain control of your assets. 

Planning for Long-Term Care 

Many people assume they'll tap into their home's equity if needed, but long-term care costs can quickly drain assets. Proper estate planning, including Medicaid planning, can protect your home and keep it in the family rather than being sold to cover medical expenses. 

How to Protect Your Real Estate Investments

To secure your property for the future, take these steps: 

• Consult an estate planning attorney: Create a comprehensive plan that includes powers of attorney, a will, and a trust if recommended. 
• Update Your Plan Regularly: Life changes like new real estate purchases, marriage, or children should be reflected in your estate plan. 
• Consider a revocable living trust: This can simplify the transfer of property, especially if you own real estate in multiple states. 
• Plan for long-term care: Explore insurance or Medicaid planning options to shield your home from healthcare costs. 

The Experts You Need

Professionals like our guest, realtor Alisha Askew, and McIntyre Elder Law help clients navigate the often complex intersection of real estate in estate planning. Alisha's expertise in the Carolinas' real estate market, combined with McIntyre Elder Law's legal know-how, ensures that your real estate investments align with your long-term goals. 

For expert guidance on buying or selling a home, contact Alisha Askew with Coldwell Banker Realty. 

Considering estate planning?  

📞 Call McIntyre Elder Law today at 1-888-999-6600 or visit mcelderlaw.com/scheduling for a FREE consultation. 

Best regards,

The McIntyre Elder Law Team 

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Warm regards,

The McElder Law Team

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Attorney Greg McIntyre is the CEO and managing attorney of McIntyre Elder Law. He started the firm to help seniors and their families protect their assets and legacies.