Estate Planning Tip: Only Do This If You Don't Like Your Kids

When it comes to estate planning, many homeowners consider adding their children or heirs to their home's title as a gesture of love and trust. However, this well-intended move can backfire financially, particularly concerning tax implications. Understanding why keeping your property in your name until passing is crucial can prevent burdening your loved ones with unnecessary tax liabilities. The High Cost of a Good Intention Adding heirs to your home's title before you pass away can lead to significant financial drawbacks: 1. Loss of Stepped-Up Basis: If heirs are listed as co-owners, they miss out on the tax benefits of the stepped-up basis. This could mean facing hefty capital gains taxes if they sell the property—a stark contrast to the minimal taxes due if they inherit the home after your passing. 2. Capital Gains Tax Burden: Without the stepped-up basis, any sale post-inheritance will assess capital gains tax on the increase in value from your original purchase price, not the home's value at your death, potentially costing thousands in taxes. Why Patience Pays By holding onto your property until the end, you not only retain control over your asset but also ensure that your heirs can benefit from the full tax advantages available: Full Market Value: Inheriting the property allows your heirs to enjoy the home's market value reassessment at the time of your passing, minimizing their capital gains tax should they choose to sell. Estate Simplicity: Direct inheritance via a will or trust simplifies the process, avoiding potential disputes and ensuring your wishes are followed, all while optimizing tax benefits. In essence, placing your children on your home's title prematurely is akin to giving them a tax burden instead of a blessing. To genuinely protect and provide for your heirs, consider your estate planning choices carefully. Consulting with an estate planning expert can guide you in making decisions that safeguard your assets and your family's financial well-being, ensuring that your legacy is a help, not a hindrance. Join us for Downsizing by Design, a live webinar on Friday March 15th at 12 Noon. We will explore what downsizing looks like today and the importance of a real estate plan. Sign up today at: Downsizing by Design Webinar.

Top 5 Reasons Why Downtown Birmingham Is The Best Downtown in Metro Detroit

Downtown Birmingham is a gem of Metro Detroit, is not just a location; it's a lifestyle. Nestled off Woodward Avenue in the heart of Metropolitan Detroit, Downtown Birmingham is a scene where you can be seen. Here are five compelling reasons why Downtown Birmingham reigns supreme as the best downtown in Metro Detroit. 1. A Walkable Urban WonderlandOne of Downtown Birmingham’s most delightful features is its walkability. With everything within an easy walking distance, the city invites you to explore its beauty on foot. Meander through its streets lined with boutique stores, enjoy the outdoor cafes, or take a leisurely stroll in the park. This pedestrian-friendly atmosphere enhances the quality of life. 2. Luxury Accommodations: The Townsend and Daxton HotelsDowntown Birmingham is home to two of the most luxurious hotels in Metro Detroit: The Townsend Hotel and Daxton Hotel. These hotels offer an oasis of elegance and comfort, making them a top choice for visitors seeking luxury and style. With their world-class service, exquisite dining options, and plush accommodations, these hotels elevate the experience of living and visiting Downtown Birmingham to a whole new level. 3. A Shopper's ParadiseThe shopping scene in Downtown Birmingham is unmatched. It's a haven for shoppers, boasting an array of boutique stores, high-end retailers, and artisan shops. The shopping experience here goes beyond mere transactions; it’s about immersing yourself in a world of discovery and elegance, all within the convenience of this walkable downtown. Make a day of it by shopping Downtown Birmingham and then going over to the nearby Somerset Collection  4. Gourmet Dining ExperienceThe dining experience in Downtown Birmingham is a gastronomic adventure and second to none in Metro Detroit. The city is dotted with a diverse range of dining options, from intimate cafes to upscale restaurants. The culinary landscape here caters to every palate, emphasizing fresh, locally-sourced ingredients and a commitment to culinary excellence. I have many favorites and definitely too many to list but two of my favorites include Elie's for Mediterranean or Streetside Seafood. 5. Cultural Hub and Pristine ParksDowntown Birmingham is a cultural hub, bustling with art galleries, theaters, including two (2) Emagine theaters including Emagine Palladium and The Birmingham 8 powered by Emagine, and cultural festivals. Additionally, the city is known for its pristine parks, such as Shain Park, offering a perfect blend of cultural activities and nature. This harmonious mix of urban culture and green spaces creates a vibrant yet relaxing atmosphere. Downtown Birmingham is more than just a piece of Metro Detroit; it's a destination that offers an unparalleled blend of luxury, leisure, and community. Whether you're looking to buy or sell in Birmingham, Higgins Partners, brokered by Real Broker, LLC, is your go-to for all your real estate needs. With our expertise and dedication, we'll help you navigate the Birmingham real estate market to find your perfect match. Contact us today, and let's start this exciting journey in the heart of Birmingham together.

Top 5 Reasons Why You Should Sell This Year

You thought about it for awhile but this may be the year. It's an exciting time to consider the possibilities that downsizing can bring, and there are compelling reasons why this year is the prime time to put your home on the market. 1. High Demand in a Seller’s MarketThis is the year to capitalize on the high demand for homes in areas like Bloomfield Hills, Birmingham, Beverly Hills, Rochester, Rochester Hills, Oakland Twp and Troy. Homebuyers are looking for homes that are well-located with top-ranked schools. With a market leaning favorably towards sellers, you have a unique opportunity to benefit from strong offers and favorable terms. The current market dynamics suggest that waiting could mean missing out on maximizing your home’s value. Seize the opportunity to make the most of this seller's market and maximize your home value. 2. Advantage in a Low Inventory MarketWhile low inventory can be a challenge for buyers, it's a golden opportunity for sellers like you. Your home in Birmingha, Beverly Hills, Bloomfield Hills, Troy, Rochester Hills and Oakland Township stands out in a market where choices are limited, attracting more attention and potentially higher offers. This year, your home could be the sought-after gem in a market hungry for quality homes. Don't miss the chance to benefit from this unique market situation. 3. Ideal Timing for Upgrades and RenovationsIf you've recently upgraded or renovated your home, now is the perfect time to put it on the market. In this real estate market, home buyers are craving move-in ready hoems. These enhancements not only make your home more appealing to potential buyers but also can significantly increase its market value. Presenting a home that's move-in ready and aesthetically pleasing can give you a distinct edge in this year’s market. 4. Strong Community AppealThe vibrant communities of Birmingham, Beverly Hills, Rochester, Bloomfield Hills, Troy and Oakland Township and their surroundings are in high demand. Their rich culture, strong community ties, and unique local spirit are exactly what today’s buyers are looking for. By selling this year, you can capitalize on the desirability of living in these sought-after communities, making your home a highly attractive option for buyers seeking a community with a strong sense of belonging. 5. Capitalize on Economic OpportunitiesDespite the uncertainties of an election year and a fluctuating economy, 2024 presents unique financial opportunities for sellers. With potential shifts in market dynamics and economic policies, acting now could be more advantageous than waiting. Selling your home this year allows you to leverage the current economic landscape to your benefit, setting a strong foundation for your next chapter. As we navigate the nuances of this dynamic market, having a knowledgeable partner is key. At Higgins Partners, brokered by Real Broker, LLC, we are dedicated to guiding you through every step of the selling process. Understanding your home’s current value and market position is crucial, and we are here to provide you with an Equity Review Report, a comprehensive home valuation.  Contact Jeff Higgins today to explore the potential of selling your home this year.  

Top 5 Reasons You Should Not Sell Your Home This Year

Yes we are biased but Oakland County is one of the best places in America to raise a family. The many communities of Oakland County including Beverly Hills, Birmingham, Bloomfield Hills, Rochester, Troy and Oakland Township have long been serene sanctuaries for empty nesters. As we venture into 2024, it's natural to consider downsizing, but there are significant reasons to pause before putting your home on the market this year. 1. The Emotional Attachment: A Home Full of MemoriesYour home is more than just walls and windows; it's filled with cherished memories. Each room resonates with echoes of joy and togetherness. In these rapidly evolving times, grant yourself the gift of time in 2024 to gently detach from these deep emotional ties. Savor these precious moments a little longer; they're the essence of your home. 2. Low Inventory of Available Houses and CondosThe quest for your ideal next home might prove difficult this year. A pronounced dip in available houses and condos in the Birmingham-Bloomfield area and the Rochester area poses a challenge. After selling, you might find yourself navigating a market with limited choices, potentially leading to compromises on your next home. It’s wise to wait for a market that offers a wider range of options that better meet your downsizing needs. 3. Home Improvements: Boosting Your Home’s Value2024 is an opportune year for those home enhancements you've been considering. The cost of contractors has stabilized and contractors are finally available. Upgrading your kitchen, rejuvenating your landscape, or even applying a fresh coat of paint can significantly elevate your home's appeal and value. This year, focus on these transformations, enhancing not only your current living experience but also increasing the allure for future buyers. 4. The Community Ties: Savoring the NeighborhoodRegardless of where you live in Oakland County, your home is all about relationships and shared experiences. This year is a time to deepen these local connections. Immerse yourself in community events, support local businesses, and celebrate the unique spirit of your neighborhood. These experiences are precious, fortifying your bond with ouy special area. 5. Financial Planning in an Uncertain Economy and Election YearWith 2024 being an election year amidst economic uncertainty, financial planning becomes even more crucial. This year, use the time to reinforce your financial foundation. The current economic landscape, marked by unpredictability, warrants careful consideration and planning. Consulting with financial advisors will ensure that when you do decide to sell, you're doing so from a position of strength. A meticulously planned financial strategy is essential for a smooth transition to your new phase of life, especially in an election year when economic policies and market dynamics could shift. While there are reasons to wait before selling, staying informed and prepared is crucial. I am here to offer guidance and support. Understanding the current value of your home is a critical step, whether you're considering selling now or in the future. Contact us for a comprehensive Equity Review Report, which will outline what your home will sell for in today's market.   Get access to exclusive content and information and join our email community. Sign up by visiting http://downsizingindetroit.com.