Planning for Life

By Harry S. Margolis

As in many states, towns in Massachusetts may allow low-income seniors to defer real estate taxes until their homes are sold or after they die. The towns may charge interest of up to 8% interest on these unpaid taxes, which can compound year after year. While some towns that offer this benefit charge no or low interest, three out of four charge the maximum of 8% per year. This can be a big surprise when the children ultimately inherits property that has been gutted in value.

That happened in a case reported last year in The Boston Globe.

By Harry S. Margolis

While everyone's desires and circumstances are different, most people upon retirement or later face the issue of whether to stay in their homes or move, whether to a smaller house or apartment, to a 55 and over community, or to get out of northern winters. Some people want relief from the headaches and expense of maintaining a house, not to mention the lawn in front, while others don't want to leave the home or community where they've lived for decades and raised their families.

On the day your intellectually disabled child turns 18, give yourself a birthday present – put him or her on the Section 8 waiting list.  The Section 8 housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. In the Boston area, it usually takes eight to ten years to get a voucher, starting from the day you first submit the pre-application. 

Once a person obtains a voucher, the federal government will pay part of his or her rent for life. So the sooner your child is on the list, the better.