Senior Specialists
Welcome to Homeowners 55 and Over
When you reach 55 years or older, there are real estate tax laws in place that assist you in moving. It may be a good time to start considering your retirement years and options for a future lifestyle. People go through this transformation at different ages, however, we all will experience changes in lifestyle sooner or later. And, there is one universal truth in this process: for those who have the most information, the adjustment on all levels, including your living situation, will be smoother and positive.
Contact me to discuss my plans:
Choosing Your Living Situation
As you plan for retirement, you should be considering how and where you want to live. With Madeline Schaider by your side as your real estate broker, you have many possibilities:
- More recreation—less work. When you retire, you may want a home that is geared to recreation or entertainment, rather than a career and raising a family. We have had clients who want to be on the water where they can maintain a boat, in a home, townhouse, or condo on a golf course, or in a property that enjoys a spectacular view.
- Easier living. You may want a smaller home with less maintenance and perhaps fewer stairs. This may involve selling your home and finding a suitable replacement.
- More services for everyday living. You may need to sell the family home and move to a retirement community, independent living, assisted care, or a full care community
Useful Information for Seniors
Below we present information that you will find useful when making a change in lifestyle. Click on one of these topics to read more:
Where do you start?
Finding a new home
Selling your family home
Moving to your new home
Keeping your property taxes low
Reducing capital gains tax on the sale of your home
How to hold title to your home?
Retirement communities in Marin
Resources for people growing older
Our experience and resources to help you
Where Do You Start?
What are your options when it comes to changing your living situation? How do you get this done? Changing your lifestyle may feel overwhelming, but it is not. As registered Senior Real Estate Specialists (SRES), we can guide you through this transition effortlessly and with the greatest security.
First, we learn about you: your life, your preferences, and your needs. We find that people know what they like and what they want. We then combine this information with our knowledge, and help you see what is possible.
We will involve your family, friends, and personal advisors, as you request. In the end, you will have a plan and perhaps an alternative. We can then help you define your best options. Return to top
Finding a New Home
We can show you the options for your next home. You may want a smaller house or condo, a house with special features, or a community that provides assistance with living.
First, we can help you define what you want; for example:
- One level?
- Steps or no steps at all?
- Number of bedrooms?
- Garden or patio?
- View?
- City and neighborhood?
- Proximity to family and friends?
- Near shopping or transportation?
- Near recreation, like a swimming pool, golf course, or walking trails?
- Retirement community?
- Independent living community for seniors?
- Assisted living community?
- Full-care living?
Next, we help you decide on your best alternatives. If you like, we can visit neighborhoods, properties that are for sale, or retirement communities and care facilities. We will find some possibilities that fit your specific needs. When we are done with this process, you'll fell confident that there is a better place for you to live. Return to top
Selling Your Family Home
Many of you have been in your home for many years and have seen your children grow up there. You know how to live in your home; everything is familiar, and there are many memories and attachments. However, you may find your home an increasing responsibility: repairing the plumbing, sweeping the leaves, painting, and many more maintenance issues that you know so well.
How do you give up your home? When it is time to move, we'll help you set up and carry out a plan:
- Timing: When to start preparing your house for sale and when to sell.
- Organizing: What to do with your possessions that you no longer use or need . Do you want to donate to a charitable organization or your church, give to your family members or friends, or move them at a storage facility?
- Packing: You'll need to simplify your house so that it appeals to a large number of people. We can recommend people who have worked with us and other clients to make this a more enjoyable process.
- Preparing: You'll have to prepare your home for sale—to make it as attractive as possible to buyers. You may want to paint, refinish floors, replace carpeting, improve the landscaping, and organize furniture. In some cases—depending on market conditions—remodeling may bring you a much better selling price. We can recommend improvements that will pay off and find people to do this for you. If needed, we will oversee the entire process.
- Staging: In many homes, we recommend furnishing the house and adding accessories that have a wide appeal. We want to create an environment that makes buyers feel comfortable in your home and that shows them the possibilities for making it their own home. Go to this page to read more about the value of staging: Staging Your Home.
- Pricing: Finally, we help you set the best price for your home. This takes into account the market value on the day your house goes up for sale. We look at the market condition, the neighborhood, and comparable sales in the same area.
- Tax and Financial Consulting: We can refer you to these experts so you can get the best advise.
We can help you every step of the way. We have the experience in finding the solutions that work for you. Return to top
Moving to your new home
When it is time to move, we assist you in every way. We can arrange for people to pack and move. They can have you set up and living normally in your new home in a day!
We can also make sure you have transferred utilities, have house cleaners, new carpeting, repair people, and whatever else you might need. We do this all the time, and we have the connections to get it done well. Return to top
Reducing Capital Gains Tax on the Sale of Your Home
If you sell your home, you may have to pay capital gains tax on the profit from the sale. With the rate of appreciation for houses in Marin, the increase in value since you bought your house could be five or even ten times.
If you inherit the house, you can use the Federal government's "stepped up basis rule" to reduce the capital gains tax. "Inherit," means your spouse dies and you become the owner, or another person wills a house to you.
Here is an example: You and your husband paid $50,000 for your house. Your husband dies and you now inherit full ownership of the family home. It is now worth $750,00. If you sell the house for $780,000, you could pay up to $180,000 in capital gains tax to the IRS and the State of California.
However, you can use the stepped up basis rule. This is how it works. Madeline Schaider Real Estate determines the market value of your house on the date that you became the owner. You can use this as the value of the property for tax purposes—instead of the original purchase price of $50,000.
If the house has a value today of $750,000 and you sell it for $780,000, your profit (capital gain) is only $30,000. At the present tax rates, you would owe only about $7,000 in capital gains tax instead of $170,000!
As SRES experts who know your neighborhood and its home values, we can provide the market value of your house.
Please remember to get your house assessed at today’s market value in the event your spouse passes. Return to top
How to Hold Title to Your Home?
There are several possible ways to hold the title to your house. These differ significantly in the way the house is inherited when one owner dies or leaves the ownership. Before you experience a big change like this, we can help you check how your title is held. Then we can assist you in making the best choice by recommending a good tax accountant or real estate lawyer.
Here is a summary of the ways you can hold title to your. The first three apply only to a husband and wife:
Community property
On the death on one spouse, the half interest in the house goes to the to persons named specifically in a will. This person can be the surviving spouse.
Community property with the right of survivorship
On the death of one spouse, the full interest in the house goes to the surviving spouse. This is a new option and very popular among married couples
Community property trusts
The property belongs to a trust, and inheritance depends on the terms of a trust. Trusts can have important tax consequences.
What is community property? Property acquired during a marriage (except for gifts or inheritances) and is owned jointly by both spouses. On divorce, annulment, or death of one spouse, California requires a 50-50 division of community property.
Joint tenancy
Any number of persons can hold the title. Each person has an equal share. If one person leaves the joint tenancy, the title passes to the remaining owners.
Tenancy in common
Any number of persons, partnerships, or corporations can share ownership. The shares do not have to be equal. Each owner can sell or will her interest separately from the other owners.
Partnerships
A partnership owns the property. If one partner passes title to an heir, the heir owns the share in the partnership but not in the property.
Changing the way title is held is a quick and inexpensive process. We can guide you through this process. Return to top
Keeping Your Property Taxes Low
California has a law, Proposition 60, which helps retired people afford a new home. Basically, you can pay your existing property tax bill if you buy a replacement house of equal or less value. This allows homeowners of 55 or older to move to smaller or less expensive homes.
For example, the property taxes for the home that you have owned for 30 years may be $3,500 per year. You sell your house for $1 million and buy a condo for $850,000. Without Proposition 60, the property taxes on your replacement home would be about $12,500 per year. With this proposition, the taxes remain about $3,500.
You can transfer your existing tax bill for a house in Marin County or to one of these counties:
- Alameda
- El Dorado
- Los Angeles
- Orange
- San Diego
- San Mateo
- Santa Clara
- Ventura
If you move from Marin to any other county, you must pay property taxes at the full, current rate.
There are many provisions of the property tax laws (Propositions 60, 90, and 100). We can help you get more information and you can check this web page of the State Board of Equalization. Return to top
Retirement Communities in Marin
You may choose to live in your own home or retire in a community with different levels of support, including independent living, assisted care, and full-time care. There are some communities, like Smith Ranch Homes, that offer the complete spectrum of options. We list here the options for retirement communities in Marin (in alphabetical order).
Aegis of Corte Madera
5555 Paradise Drive
Corte Madera, CA 94925
415.927.4200
Aegis of San Rafael
111 Merrydale Road
San Rafael, CA 94903
415.472.6530
Aldersly Skilled Nursing Facility
326 Mission Ave.
San Rafael, CA 94901
(415) 453-7425
AlmaVia of San Rafael
515 Northgate Drive
San Rafael, CA 94903
Phone: 415-491-1900
Drake Terrace
275 Los Ranchitos Rd
San Rafael, CA 94903
Phone: (415) 491-1935
Fifth Avenue Health Care Center
(415) 456-7170
1601 5th Avenue
San Rafael, CA 94901
Larkspur Care Center
(415) 461-9700
1220 S. Eliseo Drive
Greenbrae, CA 94904
Hillside Care Center of San Rafael
(415) 479-5161
81 Professional Center Parkway
San Rafael, CA 94903
Marin Convalescent & Rehabilitation Hospital
(415) 435-4554
30 Hacienda Dr.
Tiburon, Ca 94920
Pine Ridge Care Center
(415) 479-3610
45 Professional Center Parkway
San Rafael, CA 94903
Pleasant Care Convalescent - Novato
(415) 897-6161
1565 Hill Road
Novato, CA 94947
Rafael Convalescent Hospital
(415) 479-3450
234 N. San Pedro Rd.
San Rafael, CA 94903
The Redwoods
40 Camino Alto
Mill Valley, CA
415-383-2741
Smith Ranch Homes
400 Deer Valley Road
San Rafael, California 94903
800-772-6264
415-491-4918
Smith Ranch Care Center
(415) 499-1000
1550 Silveira Parkway
San Rafael, CA 94903
Springfield Place
101 Ely Blvd South
Petaluma, CA 94954
(707) 769-3300
Nazareth House of San Rafael
(415) 479-8282
245 Nova Albion Way
San Rafael, CA 94903
The Tamalpais
501 Via Casitas
Greenbrae, CA 94904
(415) 461-2300
Villa Marin Retirement Residences
(415) 499-8711
100 Thorndale Dr.
San Rafael, CA 94903
Not all Care Facilities are Equal. Please note that we are not recommending these facilities. There are many web sites that offer ratings and information; for example CalQualityCare.org. For recommendation on the best fit for you, contact Madeline Schaider Real Estate.
Resources for People Growing Older
Marin Center for Independent Living, 710 4th St, San Rafael, (415) 459-6245
Institute on Aging, for Marin, San Francisco, San Mateo, Santa Clara
Marin County Division on Aging
American Association of Retired Persons (AARP)
A Valuable Book for Planning
Our friend and long-time Realtor of more than bout 50 years, Bruce Wrisley, has written the most useful book, "Stay or Move: The Senior's Housing Dilemma," on housing for seniors. He discusses all of the factors facing seniors and their options, including staying in their home. This is the best book to read if you or anyone you know is facing these challenging decisions concerning where and how to live.
You can order the regular or large print addition of this book at Amazon.com or buy a copy locally at the Book Passage in Corte Madera.
Our Experience and Resources to Help You
Madeline Schaider Real Estate has two certified Senior Real Estate Specialists (SRES), Alan Blumenthal and Beat Bossart to address your needs and concerns. Please contact them or Madeline Schaider at this web site for a free consultation to assess your needs:
Alan (415) 310-8605
Beat (415) 279-4334
