Guest article provided by: thelagrecagroup.com
What seems to be a recurring problem with our aging population when it concerns their real estate investments is that there is no plan. Our parents have always been very capable of handling their financial well-being, until they aren’t. Sadly, Mom and/or Dad fall into cognitive decline.
Over and over what is happening in residential real estate is parents who were extremely diligent of handling the management of their property, bank accounts, maintenance, taxes, insurance, healthcare, and everything else in their lives starts to decline mentally. Rents go uncollected, repairs go undone, taxes go unpaid, childhood homes are in jeopardy if you need Medicaid service. Adult children come home and see a nightmare and a parent suffering from memory loss. This could happen to anyone of us as the child or as the memory losing parent. Investigate at any sign of memory loss your aging parents are having or even yourself. That is the latest you should act and devise a plan.
Tony LaGreca is a Realtor in Northern NJ with 26 years’ experience.