Bill McMorran: Planning Your Life Path

How to Plan for a Future Home Sale or Other Tax Events

Frasier invited everyone on their wait list to attend an online educational presentation by tax and financial expert Bill McMorran. The seminar, Planning Your Life Path: How to Plan for a Future Home Sale or Other Tax Events, offered advice and guidance for how to be ready to move to the community without knowing exactly when that time will come. Participants learned:

  • How to be prepared when you are notified an apartment is available
  • How to minimize the tax liability from capital gains when you sell your home and other assets
  • The importance of an estate plan even when you are not anticipating moving right away
  • Strategies to help reduce your tax liability while still living in your home

Bill began the presentation with the basics, asking participants if they have reviewed their pension plans and portfolio of assets recently and if they have an estate plan in place. He urged everyone to appoint trusted family members or friends to serve as medical and financial power of attorney in case they ever become incapacitated, and to create advanced directives to ensure they are medically cared for according to their wishes.

He also stressed the importance of being prepared now to sell a home and assets for a future move to the Frasier community with a detailed estate plan that is updated regularly as their life circumstances change. Bill explained in detail:

  • The difference between a will and a living trust 
  • The difference between traditional and Roth IRAs
  • How changes in legislation in the past few years will affect their estate and their heirs’
  • How using a charitable filter can help bypass capital gains taxes and create lifetime income

Throughout the seminar Bill answered questions from attendees always urging them to consult with their personal advisors before making any decisions regarding their estate. He provided clarity about the different estate planning tools individuals and couples can use to be ready to sell their home and liquidate assets for a move to the Frasier community saying, “don’t pay more taxes than you have to, but never try to cheat on them either.”

Bill McMorran is a senior partner with Green Oaks Consulting Group and a trusted Frasier advisor. He is known for a love of sharing his knowledge about tax policy and helping people, especially seniors, learn strategies for managing tax liabilities and saving ideas they can discuss with their personal advisors to prepare for the future. Providing information and education about all aspects of senior living is part of our mission to help seniors find the best community to fit their needs.

You can watch the full presentation here.