January 31, 2024 at 8:24 am #41538Phillip BeallKeymaster
A few people have asked me about news stories I post. Most are highly complimentary, but one asked why I post about non-ham radio stuff? I do it for a number of reasons. 1) I am a voracious consumer of news and subscribe to a number of news sites and publications. 2) Because of that I have access to a lot of stuff that others might miss. Kathy and I may be the only people in the Club that subscribes to that particular site or publication. I sometimes run across an item of general interest and if they have a “gift” link I like to post it to give everyone a chance to learn something they might otherwise not know about. Further, this year the Club leadership plans to start seeking out corporate donors. Some of the news pieces I put up are to help drive site traffic which will help us to sell these sponsorships. Today is such an example. I think it will be of interest to the group and it may drive some site traffic too.
The Wall Street Journal headline is A Tax Question: Sell Our Home Now, or Wait Until One of Us Dies? We answer a reader’s thorny question on capital gains. We have some people in the Club that are smart. Really smart. But, does anyone in the Club really think they know everything about everything? Hopefully not. And on the question addressed by this article I had no clue on some of the information. Right toward the end was a HUGE tip – “In community-property states, such as California and Texas, the tax advantage is even greater. The entire property gets a step-up in basis to the fair-market value after the first spouse’s death.” If you don’t 100% understand that statement then you might really benefit from reading the article.
Finally, when talking about estate planning I always want to make this pitch: 1) Do you have a will and has it been reviewed in the last five years? If the answer to either is no, you really need to do something about that. Or, just let a judge and some random lawyer decide what you wanted… 2) Have you considered a bequest for the Club? If you bought and/or built 20, 30 or more years ago, your place has gone up in value substantially. Even if you have kids and grandkids that you want to leave your estate to, please give some thought to leaving something to the Club and other organizations that you value. You can structure it as a fixed dollar amount or a percent of the residual once the home is sold. If just one person did that for the Club that money could be put into Treasuries or a CD and the earnings would fund future activities. Kathy and I have done this, but the Club probably should not plan to see anything from that for a very long time. LOL Just a comment trying to help the Club in its future endeavors.
In any case, enjoy the free gift link. There may be a box that pops up, just “x” the box out and the article should load up just fine. If you have any issues please drop me a PM and let me know so that I can look into it.
Phillip Beall (W5EBC)February 4, 2024 at 6:34 pm #41590Danial BeardModerator
Bottom line here is determined by simple expediency. We bought this house to live in, (as a homestead.) It’s value as an investment property is strictly tertiary to current need and function. I’m plain done with moving by or for any reason, rhyme or rumour other than an unexpected and quite drastic need, and probably not even then. Unless something super serious changes, we figure to be and stay right here until one or both of us indulges the other half of that round-trip ticket, and assumes room temperature. Then we simply move another mile and a half down the road. Otherwise, selling is not likely to be part of any sane equation.
Thus, until I am full-time worm food, I will continue to go out on dark nights and mark the property corners at least thrice a year for as long as I’m able.
Then … Our Executor(s) have written instructions for preferred dispersal of goods and property. (And in case anyone has any fancy-pants ideas … they’re also hams and bloody well know the value of what they’re looking at.) ;-P
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