Nevada Estate Planning & Elder Law Information Blog

Good News You Can Use

A common concern in retirement is having enough money to live on and maintain your home.  The City of Henderson can help you maintain your housing budget with their Weatherization Grant-Assistance Program known as WAP. 

The WAP program is available to low-income homeowners and renters of single family, multi-family, or manufactured homes who fall into the following income categories:

1 person household - Income cannot exceed $35,750 per year

2 person household - Income cannot exceed $40,900 per year

3 person household - Income cannot exceed $46,000 per year

4 person household - Income cannot exceed $51,100 per year

5 person household - Income cannot exceed $55,200 per year

A representative from the program will be sent to your home to conduct an assessment to determine if your home could benefit from weatherizing to make the home more energy efficient.  You can contact the City of Henderson at 267-2010 for more information on the program.

Housing Assistance for Low-Income Seniors

Are you aware that the City of Henderson offers both Interest-Free Loans and Grants to assist with home repairs?  The program, offered through the City of Henderson Neighborhood Services, is designed to help low and limited income homeowners make necessary repairs to their residences.  To qualify:

1.   You must own your home for at least one year. 

2.   You cannot have more than $10,000 in cash or assets after the value of your home, its furnishings and two automobiles are excluded.

3.   You must fall within certain yearly income guidelines (The maximum for a one person household is $25,260.00 per year.  The maximum for a two person household is $28,860.00 per year.)

Grants are available up to a maximum of $2,500.00, and loans are available for up to $45,000.00.  The loans are both interest and payment deferred, and are secured by a Deed of Trust against the residence. The full amount of the loan is repaid when the property is sold, or the original applicant no longer resides in the home. 

To learn more about this and other beneficial programs offered by the City of Henderson click here or contact Lydia Camacho, Housing Rehabilitation Specialist at 267-2011.

Using Joint Ownership to Transfer Assets

Joint ownership of assets is sometimes known as the common mans estate plan.  One of the most common forms, is owning a home or other real estate in joint tenancy with rights of survivorship.  When a piece of property is owned in joint tenancy, full ownership of the property will transfer at death to the surviving owner without the necessity of probate.  However before you look at this as your first and best option for avoiding probate there are a few things you might want to consider.

First, while joint ownership may avoid probate for the first partner, it does not avoid probate for the second owner.  Unless the remaining owner perpetually adds a new owner, eventually the property will go through probate, and the heirs will still be faced with concerns about cost, time, lack of privacy and control. 

More importantly however, when you add a co-owner, you run a big risk of losing control.  Adding a child to your property after the death of your spouse may seem like an easy answer, but do you want to be at risk to your child's creditors.  What if your child goes through a divorce, or ends up in bankruptcy.  Your home is now at risk because of matters over which you have no control.

Additionally, in the case of real estate, all of the owners will need to sign off in order to sell or encumber the property.  Should you need to take money out of your property, you may find yourself at odds with your new co-owner who has different ideas about the way the property should be handled or maintained.