Financial Planning for Downsizing: What Every Empty-Nester Should Hear First

Downsizing your home represents one of life's most significant transitions, particularly for those over 55. What seems like a straightforward process—selling a larger home for a smaller one—actually involves complex financial considerations that can impact your retirement security for decades.

Branden Ducharme of DuCharme Wealth Management joins us to unpack the financial realities of downsizing that most people overlook until it's too late. From the surprising "hidden costs" of moving (boxes, trucks, furniture replacement, and décor updates) to the critical distinction between owning a paid-off home versus paying monthly facility fees, we explore how proper planning can save you tens of thousands of dollars.

The conversation takes a fascinating turn when we discuss family dynamics around downsizing. Branden shares his wealth management philosophy: "There's a nutty person in every family, and if you don't know who it is, it's probably you." This perspective underscores why proper estate planning documents must be established before downsizing begins—thereby preventing the family conflicts that often emerge around money and belongings.

Perhaps most poignantly, we address the harsh reality that your adult children likely don't want your possessions. Starting the downsizing process at least a year in advance gives you time to thoughtfully disperse belongings rather than leaving your children with the emotional burden of sorting through everything during a time of grief.

Guest: Branden DuCharme, CMT. 
Webpage: https://ducharmewealth.com/our-team/


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🌟 Who? Jeremy Larkin was born and raised in St. George, Utah and is the owner of The Larkin Group Real Estate Advisors.

📍 Where? Washington and Iron County, Utah, including, but not limited to St. George, Washington City, Ivins, Santa Clara, Hurricane, LaVerkin, Toquerville, Cedar City and Parowan. 

💈  What?  Jeremy and his team of expert advisors at The Larkin Group walk the best clients in the world through the brain surgery of Buying, Selling and Investing Southern Utah Real Estate! And perhaps more importantly, they LOVE this community and pouring their heart and soul into it!

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#podcast #americancity #realestate #economicrecovery #thelarkingroup #saintgeorgeutah #southernutah #downsize 

[00:00:00] Intro.
[00:00:30] Financial Reality of Downsizing.
[00:09:58] Wealth Management and Market Volatility.
[00:14:36] Hidden Costs of Relocating.
[00:17:51] Planning for Care Facilities.
[00:21:06] Estate Planning and Family Dynamics.
[00:22:15] Why Start Planning One Year Ahead.