The National Association of Realtors (NAR) recently released a report revealing that the growing wealth gap in this country has been impacted by the recent increases in real estate values coupled with the drop in homeownership rates. The report discloses:
“Over 90 percent of metro areas have experienced declining homeownership rates at a time when home values have risen and incomes have remained flat.”
Increasing home values in many regions of the country have helped homeowners build housing wealth in recent years. However, the continued decline in homeownership means this increase in wealth is shared by fewer people and likely leading to worsening inequality in the U.S.
Here is a chart showing the aforementioned increasing gap between renters and homeowners in regard to family wealth (Click on it to expand!):
If the experts are correct, and a homeowner really will have an average of 40 times the net worth of a renter by the end of this year, doesn’t it make sense to evaluate if a purchase could be in your future? Let’s get together and discuss how you can start building your family’s wealth.
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Edgar DeJesus, NMLS#230414
Mortgage Loan Originator
Edgar DeJesus, Tampa Bay Home Mortgage and DeJesus Mortage are not affiliate with LPL Financial or Silver Key Wealth Management
Should I get a will and/or a living trust? What’s the difference? p.s. Don’t forget the Medical part!
Everyone wants to ensure that their worldly possessions go to whom they want in the case of their demise.
What’s the difference between a will and trust? In a nutshell, wills have to be probated through court. That means it costs money, it takes months to settle and people can contest your will. Plus your financial affairs are a matter of public record. But, they are a great way to be specific about who gets what items (Aunt Petunia gets the piano…). Living trusts avoid probate, allow you to control how and when your assets are dispersed when you are deceased and also allow for you to spell out who will handle your affairs if you become incapacitated. In general, they cost more than a will, but they keep your estate from having to go through probate. They are also more difficult to contest. Durable Power of Attorney– Make sure you get this document when planning your affairs. This is particularly important for LGBT couples. Durable Power of Attorney documents are good for day to day items (you need your partner/spouse to sign a legal document on your behalf).It is also important if you become incapacitated or have a medical emergency. You have it spelled out, in writing, who is going to be making medical decisions for you. We’ve all heard of incidents where a partner is shut out of the family decision on how to care for someone in the hospital because they aren’t“next of kin”. This is problematic in states that don’t recognize gay marriage. So don’t leave it to chance. Get it in writing. Most Durable Power of Attorney forms do cover medical incapacitation. General Power of Attorney forms do not. They terminate when a person becomes incapacitated. It is best to see an Estate Planning Attorney to see what set of documents best fits your situation. This is not meant to be specific legal advice for your particular situation.
Sharon L. Herman AAMS, ADPA is the CEO of Silver Key Wealth Management and affiliated with LPL Financial. www.silverkeywealth.com
The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Silver Key Wealth Management, an independent investment advisor. Silver Key Wealth Management is separate entity from LPL financial.
Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, NJ, VA, TX. www.finra.org.www.sipc.org
What do I want to do? I want to help the LGBT community grow their wealth. I want to provide the resources to help them do that. I want folks to know they have a place to go to and a person that they can consult to get the financial and investment advice they desire.
I want to help them, their partner/ spouse and their family. Click here to READ MORE