• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Kuhn and Kuhn Law Firm

South Carolina Estate Planning Attorneys

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Talkin Law
  • Services
    • Asset Protection & Business Planning
    • Charleston Pet Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family Farms and Businesses
    • Healthcare Documents and DPOAs
    • Incapacity Planning
    • LGBTQ Estate Planning
    • Living Trusts
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Will Packages
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning for Niches
    • Trust Administration
  • Resources
    • Client Resources – Estate Planning
    • Consumer Resources – Estate Planning  
    • Elder Law Reports
    • Professional Resources
  • Contact Us
    • Directions to Our Charleston Office
  • Blog
Home / Financial Planning / Paying Property Taxes Can Be Challenging for Some Seniors

Paying Property Taxes Can Be Challenging for Some Seniors

October 29, 2012 by John Kuhn, Estate Planning Attorney

Retirement planning is integral for serious minded individuals who want to be able to enjoy a certain modicum of financial security during their senior years. Putting yourself in a position to be able to pay your way for perhaps a couple of decades or more without working can require some long-term financial discipline as you act within an intelligently conceived framework over an extended period of time.

In order to be able to reach your objectives you must accurately project your future expenses. With this in mind you would do well to be cognizant of your property tax responsibility.

Taxes generally do not remain constant. You may be presented with ever-increasing property tax bills while you are living on a fixed income. When you are making your projections you should keep this in mind because in fact a great many people do indeed fall behind on their property taxes and as a result tax liens are imposed.

According to the National Tax Lien Association between $7 billion and $10 billion in property taxes will go unpaid each year. Investors purchase tax liens from municipalities, and this can be quite lucrative because of the interest that is charged to homeowners trying to catch up on their back taxes.

If you have any concerns at all about being able to keep up with your property taxes you have options. You may not need a home as big and as expensive as the one that you have been residing in once you retire.

Downsizing can have positive financial implications as you reduce your tax responsibility and lower your utility and maintenance costs. In addition, the reduction in square footage can make it easier for you to get around if reduced mobility starts to become a concern as you reach an advanced age.

  • Author
  • Recent Posts
John Kuhn, Estate Planning Attorney
Former South Carolina State Senator, John Kuhn is a founding partner of the Kuhn & Kuhn Law Firm.The Kuhn & Kuhn Law Firm is a boutique estate planning (wills, trusts and probate) firm, which he and his wife opened in 2002.The law firm was created to serve clients who want an excellent and thorough estate plan.
Latest posts by John Kuhn, Estate Planning Attorney (see all)
  • Preparing for Coronavirus - March 10, 2020
  • Incapacity Planning - December 20, 2018
  • Special Accounts for People with Special Needs - December 17, 2018

Filed Under: Financial Planning, Retirement Planning, Taxes Tagged With: Financial Planning, Property Taxes, Retirement Planning

Primary Sidebar

Subscribe to Our Blog

Kuhn & Kuhn Law Firm

Charleston
473 Savannah Highway
Charleston, SC 29407
Phone: 843-577-3700

Charleston Map

map for Charleston office

Kuhn & Kuhn Law Firm

Summerville
421 Old Trolley Road
Summerville, SC 29485
Phone: Our Satellite Office

Summerville Map

map for Summerville office

Opening Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

  • About The Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

© 2022 Kuhn and Kuhn Law Firm
All Rights Reserved.
Attorney Advertisement

footer-logo

Subscribe to our newsletter

  • Facebook
  • Linkedin
  • Youtube
  • Twitter

© 2022 American Academy of Estate Planning Attorneys, Inc.

Copyright © 2022 · Kuhn & Kuhn on Genesis Framework · WordPress · Log in