With the rising costs of homeownership and the looming concerns of long-term care, it's no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…

Here’s some of what we discuss in this episode:

• The annual gift exclusion limit for tax-free gifts in 2024
• Gift exclusions for tuition and medical bills
• Contributing to a tax-free Roth IRA for young family members as a gifting strategy
• The capital gains tax implications when gifting a house versus inheriting it
• A few state benefits that you could lose by gifting your home to your kids

Resources for this episode:

IRS Home sale exclusion –

https://www.irs.gov/taxtopics/tc701

IRS Gift Credit –

https://www.irs.gov/newsroom/estate-and-gift-tax-faqs

NJ Property Tax Freeze –

https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml

NJ ANCHOR benefit –

https://www.nj.gov/treasury/taxation/anchor/index.shtml

Get in touch with Don and learn more: https://doncashpodcast.com/

In today’s episode, Don shares the astonishing story of attempted real estate fraud involving one of America's most iconic homes: Graceland. Did you know that the legendary estate of Elvis Presley was nearly auctioned off due to a scam? Listen in as Don takes us through the shocking details and the lessons we can learn to protect our own properties.

Here’s some of what we discuss in this episode:

• The history of Graceland and its ownership since Elvis's passing
• Details of the attempted fraud involving Graceland
• Information about the fake company, Naussany Investments & Private Lending
• Steps homeowners can take to protect themselves from similar fraudulent activities

Resources for this episode:

Wall Street Journal – Judge Blocks Efforts to Auction Graceland

https://www.wsj.com/real-estate/elvis-presley-graceland-riley-keough-judge-blocks-auction-fc424898?st=38uynto4rjjlffc&reflink=desktopwebshare_permalink

History of Graceland

https://en.wikipedia.org/wiki/Graceland

Judicial Foreclosure states

https://retipster.com/judicial-non-judicial-foreclosure-states-list-map/

Home Title Alert

https://www.propertyfraudalert.com/select

Paid Service

https://www.hometitlelock.com/?gad_source=1&gclid=CjwKCAjwgdayBhBQEiwAXhMxtnBjUN38QZs4FeIk24dUxd3dEt6Lg3YaQeJYcBpS0830_ZocjwTteRoC-XwQAvD_BwE

Get in touch with Don and learn more: https://doncashpodcast.com/

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. In this new season of life, your old policies may no longer suit your needs or may come to an end.

So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today's episode.

Here’s some of what we discuss in this episode:

• Medicare supplement plans for those retiring before 65 + potential pitfalls of forgoing these plans
• The high expenses of long-term care services + the factors that led to rising premiums
• The advantages of older long-term care policies + options to modify coverage to reduce costs
• Life insurance and long-term care combination policies
• Reasons for long-term care insurance in retirement
• The importance of property and casualty insurance + the benefits of umbrella policies

Open Enrollment Season episode

https://doncashpodcast.com/podcast/medicare-mistakes-to-avoid-during-open-enrollment-season/

Get in touch with Don and learn more: https://doncashpodcast.com/