Retire in New Jersey in a 55+ Community

As we get older, we often find we need different things out of our homes and communities than a traditional community can offer. Maybe you need to live on one floor, near people your own age with similar interests, or you just want to be able to enjoy some peace and quiet. If this sounds like you, it might be time to look into a 55+ community. A retirement community can provide the services and amenities to help maintain your quality of life for longer.

New Jersey is full of beautifully appealing housing options for the 55+ community. Many new developments include single family homes so you can maintain your independence while enjoying the services and comforts of a community geared towards your needs. Choosing a retirement community does not mean your options are limited; in fact, you can find your dream home in the ideal location!

Here is how to find the right 55+ community in New Jersey:

1. Consider Your Lifestyle.

Your health, physical abilities, and other age-related concerns will likely dictate what kind of community you are looking for and the services it provides. Community age limits range from 50 years old to 90 years old or more and the offerings of these communities are just as varied. Many retirees are looking for a community where they can maintain an active social life while getting more assistance in other areas of their life, like cleaning, cooking, yard maintenance, and transportation. Other retirees are looking for peace and quiet and the time to relax alone with minimal care options. No matter what you are looking for, a representative from the community can discuss their available benefits and care options so you can decide if it meets your needs.

2. Carefully Research Amenities and Association Fees.

Always look into the amenities when you are deciding on a retirement community. After all, these are often the big appeal of a retirement community in the first place. Think about how these amenities can fit into your lifestyle and give you the biggest bang for your buck. Common 55+ amenities include: fitness centers, salons and spas, dining options, social centers, spiritual services, and activity programs. Be sure which services and utilities are included in your association fees. Many NJ retirement communities charge low HOA fees, but some can be pricey, so it’s important to do your homework.

3. Hire an Experienced Real Estate Expert.

An experienced real estate agent can help you find a 55+ community in an area you are familiar with, close to family, and with the benefits and care options to match your lifestyle. The real estate experts in our professional network will ensure that you are matched with a community that is worth your hard-earned money. When you work with the right professionals, you can retire in New Jersey in style!

 

How to Invest in NJ Real Estate for Retirement

Investing in real estate can be as rewarding as it can be stressful and intimidating. If you are close to retirement or newly retired, investing in a new real estate venture can be especially complex. A real estate investment for retirement needs to meet specific needs. Not only does your asset need to be a relatively sure thing, it also needs to be able to keep up with inflation. Many retirees look to real estate investments to provide supplemental income. There is a lot to consider if you are thinking of investing in NJ real estate for retirement. Here is what you need to think about.

1. Do you own your own home?

Most of the time, your home is your most valuable asset. More than savings or other luxury assets, your home has the potential to help fund your retirement. If you are in the position of owning your own home, you might already be sitting in the best real estate investment you could find. There are tons of different ways to use your home’s equity to generate income that will allow you to live more comfortably in retirement. You can downsize your home or use your home equity to fund long term care needs, amongst other things.

2. Buy It, Improve It, Flip It

Flipping is a popular way to get into the real estate game at any age. Also called wholesale real estate living, flipping is when you purchase a property with the intention of selling it to make a profit. If you know what you are doing and can invest in the improvement of a property, flipping can be a lucrative way to fund your retirement. But be wary of some common pitfalls when it comes to flipping homes. You need to have adequate real estate knowledge, home improvement skills, financial savvy, and cash up front to have a successful flip.

3. Residential Rentals

Another popular way to make your real estate investments work for you in retirement is to rent out your property to long-term renters. Long-term renters offer more stability and assurance that you will be able to meet your bottom line every month. Your renters need to be willing to pay enough to cover the mortgage on the property along with insurance, taxes, and regular maintenance. A rental property can provide a monthly flow of cash and can perform better than investing in the stock market. But you have to be prepared for the work and stress that can come with owning a rental property. Needy tenants or long-term vacancies can negatively impact your investment.

4. Commercial Rentals

Some real estate experts will say that owning commercial property can be more lucrative than residential real estate investments. There is certainly more risk and potential for complications—multiple tenants, commercial licensing requirements, long-term vacancies—but renting out commercial real estate can be a great way to generate retirement income. On the other hand, if you purchase commercial property, you could also consider running your own business. One of the biggest expenses of running a business is paying for the real estate. If you own the building outright, it could give you more financial freedom to grow the business you’ve always dreamed of.

5. Buy a Vacation Home to Rent

If you’ve always dreamed of owning a beach house or a cabin in the mountains, purchasing a vacation home and renting it for part of the year can allow you to have your cake and eat it, too. Renters looking for vacation homes are often willing to pay a premium for the right location. You could potentially make just as much money renting for a few weeks out of the year as you could renting year round with residential real estate. Keep in mind that vacation rentals tend to be seasonal money makers and are usually more expensive to maintain than residential investments.

Investing in real estate can be a great way to generate income during the retirement years. Veitengruber Law is an experienced real estate firm. We can help you with your real estate and financial planning goals.

Why You Need a PreNuptial Agreement (PreNup)

The US has seen a significant drop-off in the marriage rate in recent years. Part of the reason for this is that there is less financial advantage to getting married for women. 2019 was the first year on record where women made up the majority of the U.S. work force. With male and female partners entering into a relationship on more equal economic footing, there is less impetus to take the marital plunge. When a couple does decide to tie the knot, it is a growing trend to sign a prenuptial agreement before walking down the aisle.

A prenuptial agreement for those intending to get married, or a cohabitation agreement for those who want to live with their significant other, can give you the security you need to intertwine yourself financially with another person. Sure, you love them now, but people and circumstances change. If the marriage doesn’t work, particularly if you are the one with a higher income, you can save a lot of time, money, and heartache if there is a prenup in place. Signing a prenup is not a negative mark against your relationship or a dismissal of your genuine feelings for your significant other. It is a smart financial move and could even better allow you to exit the relationship amicably in the future.

A prenuptial agreement isn’t just for those who are well-off financially. People from all kinds of financial backgrounds are using prenuptial agreements to protect themselves and their assets before entering into a marriage. You might want a prenup if you intend on passing separate property to children from a previous relationship. A prenuptial agreement or a cohabitation agreement can be a great way to clarify financial rights within the relationship so you both know what kind of financial responsibilities to expect. If you want to make sure your spouse is protected from becoming liable for your debts, or vice versa, a prenuptial agreement can cover that. Essentially, a prenup will help you avoid arguments and bitter feelings should the relationship not work out. It can also prevent some of the bigger causes of divorce—like financial disagreements—by ensuring everyone is on the same page.

In New Jersey, prenuptial agreements must contain several components and cover a few different outcomes to be recognized by NJ courts. NJ prenups and cohabitation agreements are governed by the Uniform Premarital and Pre-Civil Union Agreement Act, which requires that specific issues be covered in order for the agreement to be enforceable. An experienced divorce attorney will be able to ensure you are covering all of your bases, but a few big things to come to an agreement on are:

– Financial rights and obligations concerning property and debts, establishing who pays for what

– What assets will be considered co-owned and what assets will remain individual property

– Whether or not spousal support will be included in a divorce settlement

– What happens to debts, inheritance, or assets gained after the signing of the prenup

– How property will be titled and who can stay at what property in the event of divorce

If you are considering a prenuptial agreement, talk to your significant other. Work together to determine whether or not a prenuptial agreement is right for you and your relationship. Talking to an experienced attorney can help you work through all the little details. Veitengruber Law offers personalized legal strategies to help protect you and your loved ones’ financial futures.

Can I Use a Reverse Mortgage to Pay for Assisted Living?

If you fully own or almost own the home you live in, you may be considering getting a reverse mortgage. There are certainly financial benefits to reverse mortgages, especially for seniors who have paid off their home. Many seniors are now considering using a reverse mortgage to pay for in-home assisted living services. But is this the right choice for you? Here we will look at what to consider if you are thinking of getting a reverse mortgage to pay for assisted living.

A reverse mortgage is a financial agreement in which the homeowner agrees to give up equity in their home in exchange for payment. This loan is based on the home’s equity. Generally, the older you are when you take out a reverse mortgage, the more you will receive in payment. Usually, a reverse mortgage is a good idea for those who have reached a certain age and have paid off their house. Once a reverse mortgage borrower dies, the lender is repaid by taking title to the property. They will return any excess equity to the heirs of the former borrowers.

A reverse mortgage will provide payment in the form of cash or through equity lines of credit. Borrowers often choose to receive payment through credit as opposed to cash because equity credit lines increase over time. These payments can be used for many purposes, but a common purpose for older borrowers is for in-home assisted living. Reverse mortgages typically stop paying out once the borrower stops living in the home regularly.

The lending guidelines for reverse mortgages are pretty straightforward. Most of the time, lenders do not check applicants’ credit histories in order to approve them for a reverse mortgage. In order to qualify for a reverse mortgage, borrowers must be at least 62 years old. They must also own a home that has significant equity built up. Many lenders prefer the home to be fully paid off, but some will accept an applicant whose home is mostly paid off. The homes lenders will consider for a reverse mortgage are typically single family homes or 2-4 unit homes where the owner has residency in one of the units.

While a majority of reverse mortgages are through the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) program, your home does not have to have an FHA mortgage to qualify for a reverse mortgage. It is also important to note that as long as one borrower on the loan still resides in the home the mortgage remains in effect. This means that even if one spouse in a couple with a reverse mortgage must leave the home to live in an assisted living facility full-time, the spouse remaining in the home will still be covered with the reverse mortgage.

This is a financial situation you should enter into with some caution. If you are approved for a reverse mortgage, you still need to make sure you are staying current with any property taxes. Frequently, seniors will live off of their reverse mortgage payments while failing to pay for taxes. This can cause your home to be foreclosed on, which would allow the lender to take the home. For this reason, it is a great idea to receive the advice of a real estate attorney or go through financial counseling before you apply for a reverse mortgage.

Veitengruber Law is experienced in handling even the most complex issues of real estate law. If you are considering a reverse mortgage, we can help you with the details. Our attorney, George Veitengruber, can answer all your questions and provide you with custom solutions for your real estate goals.

 

The PetNup: The New Prenup Explained

Custody battles aren’t just about children anymore. In recent years, disputes over the custody of pets have become a highly contested subject in divorce proceedings. Our beloved fur babies are like family, so it makes sense that people are willing to go to court for their right to see their furry friends. The frequency of pet custody disputes during divorce has led to the rise of  so-called “pet-nups.” This prenuptial agreement specifically details exactly what will happen to a shared family pet in the event of divorce. Here is everything you need to know about pet-nups.

While we may see our pets as furrier children, the law simply sees them as personal property. As such, pets are subject to the same rules governing the division of property in a divorce. More often than not, a judge will give full ownership to one person in the couple based on who has put the most money into the care of the pet. In more recent years, judges have been willing to look at pet ownership more like child custody and ruled to give “custody” to the person who can provide the best environment for the animal. If you own a pet with your spouse, it is a good idea to work out an agreement for custody or visitation of the pet.

A pet-nup is the best way to ensure that you get to maintain a relationship with your pet even if things don’t work out with your spouse. Divorce attorneys recommend a number of things to include in your pet-nup to avoid stress and heartache over the loss of a pet during the divorce process. Most pet-nups include the right of ownership, any visitation agreements, and expectations for ongoing pet care. A court will typically recognize the right of ownership laid out in a pet-nup, but it will not enforce lifestyle choices like who gets the pet for holidays or specific aspects of pet care. Still, deciding these things ahead of time can alleviate stress between former spouses.

In a pet-nup, you can detail exactly how ownership will go after a divorce. This includes any shared custody agreement (two weekends a month with one partner), visitation agreements, and parameters for how contact between caregivers should be carried out. The ownership agreement can break down financial responsibilities for everyday care, vet bills, and grooming expenses. Many pet-nups can also include holiday visitation schedules and who can watch the pet and where in the event the primary caregiver is unable to care for the pet due to illness or travel.

The pet-nup can also detail the expectations for pet care for the owner(s) of the pet in the event of a divorce. Many pet-nups include a clause binding both parties to abide by the Animal Welfare Act of 2006, requiring specific standards of care to be met in regards to the animal in question. A pet-nup can lay out expectations for grooming, regular vet care, food quality, and even microchipping registration. The pet-nup can include a clause about breeding—if it is allowed or not—and the ownership of any offspring of the pet in question.

Pets are increasingly seen as members of the family and big aspects of our lives. Courts are beginning to view pets less like personal property and more like children when it comes to questions of care and custody. Judges are much more likely to honor pet-nups and assign ownership based on who can provide the best environment and care for the pet than on traditional lines of ownership. If you share a pet with your significant other, a pet-nup can give you the peace of mind you need should things turn south in your relationship.

How Divorce can Affect Your NJ Small Business

Divorce can be messy and difficult for everyone involved: the couple, their family and friends, and, for small-business owners, even their business partners and employees. When a business becomes part of a divorce, owners can end up losing all or part of their business. It can be hard to understand what property is subject to division and how to go about protecting your business assets. The good news is there are legal measures business owners can implement to protect their small business in a divorce. Here is everything you need to know.

If a business is included in a property dispute between two divorcing couples, a few things can happen. If one person owns the business outright or with their partner, they stand to lose part or all of the business through divorce proceedings. If the business owner is in a partnership with non-family members, the financial and business damages can extend to business partners. To prevent a former spouse from interfering with a business, the owner(s) can face debt to keep their full ownership. Even if ownership is not in question, all the ill-will and uncertainty that can come with divorce can distract owners and their employees from the well-being of the business.

As with most legal matters, the best way to protect your business is to be proactive from the start. No one plans to get divorced, but if it does happen it is important to know your business will be protected. Forming your business as an LLC or a C-corporation will allow you to title real estate and other property to the business. Establishing this formal structure will prevent assets owned by the business to be split up during divorce proceedings. A prenuptial agreement can also protect your business during a divorce by contractually binding your spouse from seeking ownership over your business, property, or other assets.

If you are already married, you could create a postnup. A postnuptial agreement is similar to a prenup but it happens after a couple has already said “I do.” This is an agreement that would designate assets as separate property or outline how the assets would be divided in the event of divorce. If this isn’t an option for you, you should at least get a good idea of what property is considered individually held and what property is shared. Property acquired or grown during the marriage—including your small business—is normally considered marital property, which is subject to division in divorce proceedings. This way, you have a good understanding of what you could lose in a divorce from your spouse.

Even if you are already in the process of divorcing your spouse, you can still protect your business. While most marital property is subject to division in a divorce, you can negotiate in court for an uneven division of property. Obtaining a valuation for the business can help you determine how much the business is worth and how that worth has increased during the marriage. Working with an experienced attorney can help mitigate the time, risk, and some of the stress throughout this process.

Even the most prepared business owner can face challenges when going through a divorce. Having the support and expert legal advice of an experienced attorney can be essential to getting through the divorce process. Veitengruber Law is experienced in asset protection. We can help you protect your small business and avoid this challenging situation.

How to Increase Your NJ Property Value with Smart Home Technology

Smart technology is everywhere. From iPhones to cars to household appliances, smart technology has never been more accessible or more affordable. These once futuristic accessories are becoming the norm. Especially as millennials enter the real estate market, adding some smart technology is a great way to get noticed and get better returns on your house. Besides making your property more attractive to potential buyers, smart technology can add a lot of convenience and efficiency to your daily life. Here are some of the latest smart technology upgrades you can make in your home.

1. Smart Thermostat

While programmable thermostats have been around since the 1950s, they can be outdated and lack user accessibility in the era of smart tech. Smart thermostats remove any guesswork from getting the perfect temperature in your home. They can sense when you are home, when you are away, and use this data to adjust the temperature according to your preferences. You can also turn up the heat without leaving your comfy nest of blankets on the couch. Smart thermostats can even save you money by conserving energy when you aren’t home.

2. Smart Smoke Detector

The smart smoke detector could save you money on insurance premiums, but it could also save your life. How many of us have resorted to disabling our smoke detectors to end the constant shrieking from a sensitive detector? With a smart detector you can keep on cooking without interruption. A smart smoke detector can monitor smoke, carbon dioxide, and even the general air quality of your home. If a problem arises, an alert can be sent to your smart phone or tablet so you know the second there is an issue. When it comes to your health, this particular smart tech is essential to improving your home environment.

3. Smart Security

Continuing on the topic of safety, smart security systems are a fantastic addition to any home. Many homebuyers consider safety technology an important aspect of a home’s value. You can sell your home for a premium if it is updated with the latest security technology. Smart security can include: cameras connected to your smart phone, audio/video capable doorbell systems, retina scanning technology, and even facial recognition lock systems. Smart door locks can even be programmed to unlock when you pull in the driveway. These features offer convenience, safety, and peace of mind.

4. Smart Lighting

This is another smart technology option for your home that offers convenience and can save you money. EnergyStar reports that 12% of your annual energy bill goes to lighting. That’s hundreds of dollars a year. Smart lighting sensor systems can turn lights on when you enter a room and turn them off when you leave, ensuring lights are only in use when needed. They can be controlled by your smart phone or programmed to dim and brighten to your preferences. Outdoor lighting with smart technology can also improve the safety of your home.

5. Smart Blinds

Blinds provide privacy, create the perfect nap setting, and help you save money on energy costs. Smart blinds allow you to better regulate how hot or cold your house is based on the amount of light being let in. There is a lot of convenience in being able to open all your blinds with the press of a button. After all, smart blinds rolling up to let in the light of a new day is the epitome of “futuristic” living.

6. Smart Solar Panels

Solar is a great source of clean energy to power your home. It is good for the environment and endlessly renewable. Smart solar panels are the latest in solar panel developments, allowing you to monitor individual panel performance and switch panels off and on as needed. Not only will solar energy save you money on energy expenses, it can also make you eligible for a federal tax credit program.

Your investment in each of these smart technology upgrades will vary depending on your home’s unique specifications, but all of them will undoubtedly increase the value of your home. Smart tech will give your home instant appeal to potential home buyers whenever you choose to sell. In the meantime, you will be able to enjoy the conveniences of these smart technology appliances!