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Camden Delaware Real Estate Law Blog

Look past staging during residential real estate transactions

No one wants to get taken advantage of when it comes to buying a home. Unfortunately, without the right information and assistance, a residential real estate transaction could go sideways quickly. As a result, it is wise for Delaware residents, especially first-time homebuyers, to consider a number of aspects before moving forward with a purchase.

First, individuals may want to remember that staging plays a big part in many sales. Homeowners, real estate agents or both may stage the homes to look appealing and so that prospective buyers can visualize how the house could look as their home. However, some staging may set up rooms in ways that are not actually feasible. For instance, lamps could be set in visually-appealing areas, but in reality, there may not be outlets to actually plug in lamps in that area.

Is utilizing a trust company necessary for estate planning?

Thinking about the future can be intimidating. When those thoughts involve planning end-of-life wishes, it can seem even more overwhelming. As a result, many Delaware residents find it useful to obtain help when it comes to estate planning and understanding their options for addressing their finances and other assets.

Fortunately, there are many estate planning tools that can help interested individuals create the best plans for their specific cases. For instance, some parties may want to utilize trusts as part of their plans for various reasons, such as avoiding probate or having more control over the use of the assets in the trusts. When trusts are used, a person or entity often needs to be put in charge of administering the trusts and handling other related affairs.

Elder care planning vital after dementia diagnoses

Watching a loved one's mental state decline can be an immensely difficult experience. Though many Delaware residents want to do what they can to care for those loved ones, it is not always possible, and professional care may be needed. As a result, legal and financial hurdles for those with dementia need addressing.

It is common for individuals with Alzheimer's disease or another form of dementia to need nursing home care. Unfortunately, that care can cost thousands of dollars each month. Additionally, the mental capacity of the person often declines rapidly. As a result, family members may be left to handle the expenses and necessary decisions relating to the situation. Of course, in order for loved ones to make decisions on behalf of another person, the right legal documents need to be in place.

Are you a landlord? Avoiding mistakes can save you time and money

As a Delaware landlord, you understand the importance of taking care of your property and protecting your interests when tenants do not follow the terms of the rental agreement. While you may own and operate the property, tenants have certain rights. It is for your benefit to learn more about tenant rights, landlord responsibilities and how to avoid complications. 

Committing certain mistakes as a landlord can lead to various problems, including the threat of a lawsuit. The best way to deal with legal disputes is to avoid them any way that you can. You invested a lot of financial resources into owning rental property, and you would be wise to protect your money and property rights by doing your due diligence.

Seller financing can have benefits in real estate transactions

Buying a home involves a lot of information and paperwork. Some Delaware residents may enter into real estate transactions thinking that they understand the process only to find out that their particular proceedings do not follow the common methods of financing or closing. For instance, some individuals may utilize seller financing rather than financing through a financial institution.

Obtaining financing through an institution, like a bank or other lender, is the most common way that buyers gain funds to make a home purchase. However, this option is not always available or not always the desired route for the parties involved. Seller financing is an alternative that involves the current homeowner financing the home instead of the buyer obtaining a mortgage loan from a bank or other institution.

Long-term care planning an important part of elder law

It is common for older people to need some form of long-term care at some point. Because of the significant likelihood that it could happen to any Delaware resident, it is wise for individuals to look into their elder law options for planning for such care. It also makes sense to look into the different care options.

Many people want to stay in their own homes to receive needed care, and in-home services can often provide that care. When it comes time to bring in such help, the person who will receive the care can play a role in choosing the right care agency. It is also important to look at specific factors of those agencies, like the type of training caregivers receive and whether the caregivers are insured.

Estate planning may involve deciding when to disclose details

Many Delaware residents want to protect their assets and wealth for future generations. As a result, they often consider using trusts when going through the estate planning process. Trusts can place added protections on assets as well as allow the trustmakers to stipulate when and how assets in the trusts can be used.

However, if the trusts are created when the beneficiaries are young, some parties may wonder whether they should even tell those young loved ones that the trusts exist. This worry often stems from older individuals thinking that their younger family members will consider themselves "trust fund babies" and not work as hard as a result. Additionally, the trustmakers may fear that knowing that they already have assets waiting for them no matter what type of life they lead may set the children on a negative path.

Real estate transactions difficult with testy client-agent ties

Many Delaware residents consider buying a home an exciting time in life. With the right support, individuals can have an enjoyable experience searching for and eventually finding the right home. Unfortunately, if the support is not as positive as desired, real estate transactions can become nightmarish.

In fact, some individuals may not get along with their real estate agents after a period of time. The relationship may seem fine in the beginning, but differences in opinions could show themselves over time. Someone may have suggested an agent to a prospective homebuyer, but if the agent got along with one person well, it does not necessarily mean that he or she will get along with another person as well. Homebuyers may find it helpful to remember that they can fire their agents.

Planning for extended care is an important part of life

It is unfortunate but true that most older people will need some form of long-term care. While many Delaware residents may want to think that this scenario will not affect them, it is more than likely that it will. Rather than ignoring the possibility, it makes sense to plan ahead just in case extended care is needed.

Without a plan, loved ones may not know how to obtain or pay for the care that is needed. If a person became incapacitated to a point where he or she cannot communicate wishes, those loved ones can be in a difficult predicament. This example is why it is important to plan ahead. Plans can indicate where care should take place and, hopefully, explain how to cover the costs of plans.

Make it your business to plan for what happens to your business

Delaware readers understand there are many reasons why they should plan for the future and have a strong estate plan in place. This involves more than just deciding what asset should go to which beneficiary -- it should also include what happens to your small or family-owned business. Business succession planning is an important step that any entrepreneur should take. 

You worked hard to start your business, make it grow and achieve the success you have today. You should also have a say in what happens to it down the road. Instead of leaving it up to chance, make plans now for the sale or passing on of your company. Even if you think it is not necessary at this point in your career, having these plans in place can help you look to the future with confidence.

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