Retirement planning as a property owner is a family matter
If you are a rental property owner, retirement planning and the transfer of property to your children is a crucially important family matter.
Emotional and psychological considerations are perhaps more important than the financial and fiscal numbers.
What in fact are the emotional and psychological issues at play? What are the elements to consider and what steps can you take now to protect you, your spouse and your family from unforeseen events?
Michel Gaudreau is a real-estate broker with 40 years experience in the development, purchase, sale of commercial property. In the interview, I talk with Michel about some of the issues that midlifers and beyond face in transferring rental property to their children.
It is not an issue that is often addressed in the media or on most web sites related to retirement planning. These sites focus mainly on transferring a personal home or summer residence to children.
Here are some of the
issues we talked about:
- the real estate context today across North America where there are thousands of older individuals who own rental property,
- the retirement issues he faces as a parent with rental property and three children,
- things to think about in the transfer of property, planning ahead,
- some things older people can do now to prepare for the transfer of property as part of their planning for retirement,
- family issues when there are several children involved - not dealt with on most web sites
- the emotional or psychological aspects of transferring.
Interview available in my Newsletter on April 11, 2012
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Michel Gaudreau of Miricorp graduated with a commerce degree in 1972 and began selling homes right away. Soon after, he started developing and selling commercial and industrial buildings.
At one point he held up to one million square feet of space. In the mid-1990's his portfolio almost disappeared and he nearly went bankrupt. Then he started again.
Now in his 60's he owns several rental properties. With a wife and three grown children, he realizes the importance of planning his retirement in connection with transferring his rental property to his children.
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