What Every Empty-Nester Should Hear before Downsizing
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/
Guest Bio: With a Bachelor of Science in Finance from Utah Tech University and as an Accredited Wealth Management AdvisorSM and Chartered Market Technician®, Branden brings experience in wealth management, specializing in Real Estate, Tax Planning, and Active Asset Management. Branden is passionate about helping clients achieve their definition of success by applying technical skill and insight.
-Notably, Branden leads the Du Charme Wealth Management Podcast and hosts the NAAIM Confidential podcast for the National Association of Active Investment Managers. Residing in Washington, Utah, with his wife and two small children, Branden enjoys playing strategy-based games, golfing, and conducting financial research.
-An active member of the National Association of Active Investment Managers, Branden is dedicated to providing exceptional wealth management services.
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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!
📻 Tune in! Jeremy is the host of The “St. George Real Estate Morning” Drive radio show 94.9 FM / 890 AM. You can stream the weekly program Thursdays at 8:35 AM here: https://tinyurl.com/radiorealestate
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[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.
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