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There are huge tax advantages to passing the properties along. In that case you need to get the heirs involved with management and keeping track of expenses. Do they live nearby? If not you'd do well to 1031 exchange for properties near to them.
Wasn't meant to insult you with the humble brag. I inserted a smiley and that disappeared the rest of the post.
But we have people here who are scraping by and would love to have the problem of choosing dependable banks for their real estate profits.
Interesting. I can see how you would have that reaction being so traumatized by him related to finances.
The thing with farming out is that I already have a CPA do the actual taxes - it's the prep I'm complaining about (because I have rental properties, otherwise, it would not be a big deal). I wish I could farm it out and it made me wonder how other seniors handle chores they don't like that have to be done (that was the larger question I'm interested in).
Sounds as if you need to re-assess how important or necessary some of this is to you at this point in your life. Do you really need to hang on to all these "things" that generate all this work? Maybe your CPA could advise a better way to automate recordkeeping so your prep isn't as hard. Can't believe there aren't ways to streamline.
Something else to consider. Your reluctance to farm more of this out may have more to do with fear of losing control, not real financial necessity. I know that was part of what happened to my dad. He could have relinquished some control but suspicion and insecurity prevented it. A slippery slope that made him feel even less in control and more vulnerable.
Last edited by Parnassia; 02-03-2024 at 08:57 PM..
I, too, would like to see the discussion broaden to "difficulty doing things" in general. Anyone else suffer from pathological procrastination as they age?
I, too, would like to see the discussion broaden to "difficulty doing things" in general. Anyone else suffer from pathological procrastination as they age?
As a person gets older, changes occur in all parts of the body, including the brain. Certain parts of the brain shrink, including those important to learning and other complex mental activities. In certain brain regions, communication between neurons may be less effective. Blood flow in the brain may decrease.
A recent Norwegian study (Sigmundsson, 2020) of almost a thousand women and men between the ages of 14 and 77 found that shortly after the early 50s, participants tended to show a sharp decline in passion, perseverance, and positive mindset about the worthwhileness of pursuing new challenges. (See "Passion, Grit, and a Can-Do Attitude Keep the Spark Lit.")
That's not aging or brain atrophy... That's menopause and a loss of hormones (EVEN with hormone replacement therapy, which isn't a panacea). Libido also drops off for most women, although those few for whom it doesn't object to this finding vociferously. Men, in turn, lose testosterone and thus their former drive and passion. Aging sucks!
There are huge tax advantages to passing the properties along. In that case you need to get the heirs involved with management and keeping track of expenses. Do they live nearby? If not you'd do well to 1031 exchange for properties near to them.
Wasn't meant to insult you with the humble brag. I inserted a smiley and that disappeared the rest of the post.
But we have people here who are scraping by and would love to have the problem of choosing dependable banks for their real estate profits.
I understand. Yes, I am very lucky to have this problem.
Sounds as if you need to re-assess how important or necessary some of this is to you at this point in your life. Do you really need to hang on to all these "things" that generate all this work? Maybe your CPA could advise a better way to automate recordkeeping so your prep isn't as hard. Can't believe there aren't ways to streamline.
Something else to consider. Your reluctance to farm more of this out may have more to do with fear of losing control, not real financial necessity. I know that was part of what happened to my dad. He could have relinquished some control but suspicion and insecurity prevented it. A slippery slope that made him feel even less in control and more vulnerable.
Yes - trust issues are involved, for sure. Hard to find truly trustworthy people.
I know I could benefit from expert advice. I have sought it out, only to have the hidden motive of stock sales from the "financial advisor."
I have picked up some tips from this thread and also some thoughtful remarks that I need to ponder further.
That's not aging or brain atrophy... That's menopause and a loss of hormones (EVEN with hormone replacement therapy, which isn't a panacea). Libido also drops off for most women, although those few for whom it doesn't object to this finding vociferously. Men, in turn, lose testosterone and thus their former drive and passion. Aging sucks!
Nope! What a relief!
Do the best you can; but, accept that you are aging.
Barron's and Financial Times recommend Edelman Financial Advisors. Ric Edelman and his wife are involved in helping communities and have a charitable foundation, which I find appealing. Edelman is a best selling author, too.
Lot of info on their website. There are offices all over the US. Click on Find a Planner to see a map.
I used to listen to him on my local radio station years ago when listeners could ask for free advice. Now he has a podcast which I know nothing about.
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