Newsletter
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Published by the Knoxville Area Association of REALTORS® http://www.kaarmls.com August 2011 |
Dear KAAR Membership,
It is with great privilege that I write this letter to introduce myself as the new Executive Vice President of the Knoxville Area Association of Realtors®. I am honored to be at the helm of such a fine organization and know there are some big shoes to fill. My work is cut out for me.
After graduating from law school, Memphis was home for almost two decades. Much of that time was spent working for the Memphis Area Association of Realtors® as its Administrative Vice President. For the last eight years, I worked in the real estate title and closing business. I am the immediate past president of the Memphis Botanic Garden, a Leadership Memphis graduate, a former Memphis City Beautiful Commissioner, and have served on numerous other boards such as the Memphis Mortgage Bankers Association and the Mid-South Girl Scout Council.
My wife Trish and I were high school sweethearts and grew up in East Tennessee. This December we will celebrate our 25th wedding anniversary. We have a 10-year-old son named Parker. He is an amazing kid! In our spare time, my family enjoys snow skiing, UT football, biking and traveling.
From my first day at KAAR on June 20th, the staff, the Board of Directors, and more members than I can count have made me feel most welcome. I look forward to meeting and serving each of you.
Sincerely,
Lyle Irish
Executive Vice President
WOMEN'S COUNCIL OF REALTORS MEET & GREET
Our local chapter of the Women's Council of Knoxville is hosting a wine and cheese reception on Thursday, August the 18th so Realtor and Affiliate members may have that chance to meet Lyle in person.
The reception will be Aug. 18th , 3rd floor of Regions Bank Bearden Hill, from 5-7 . There should be plenty of parking and this is a drop in meet and greet. Come to meet and greet your new Association Executive, Lyle Irish at Regions Bank, 151 Major Reynolds Place (Bearden Hill) on August 18, from 5:00 - 7:00
George Wallace for City Council Seat A
The KAAR Board of Directors and Governmental Affairs Committee encourages you to exercise the Association’s political clout by supporting one of KAAR’s own, George Wallace, Coldwell Banker Wallace & Wallace, a candidate for Knoxville City Council, Seat A. The primary election is Tuesday, September 27th. Every vote is critical in this year’s primary. YOUR vote is critical.
In addition to your vote, show your support for your fellow Realtor® by displaying George’s bumper stickers and yard signs. Both are available at the KAAR office for pick up. For full information about George and his campaign, go to www.WallaceCityCouncil.com.
Seize the day beginning 11.11.11
Mark your calendars now for the REALTORS® Conference & Expo, November 11 – 14 in Anaheim, California. You will come away empowered and recharged! The Conference & Expo allows attendees to learn and get motivated by day and then to network and have fun by night.
Just a few of the highlights include
• 100 education sessions over the four days
• Entrepreneurial Excellence Sessions by William Taylor, co-founder of FAST Company magazine and author of Practically Radical, and Jack Canfield, co-author of the Chicken Soup for the Soul® series and The Success Principles, How to Get From Where You Are to Where You Want to Be
• General Session featuring an industry address by 2011 NAR President Ron Phipps and Michael Eisner, Former Chairman and CEO of The Walt Disney Company
• Technology Camps featuring well known and popular technologies
• The REALTORS® Expo with over 400 exhibitors
• Young Professionals Networking Event
• REALTORS® Celebrity concert starring Diana Ross
• Opportunity to win one of five $1,000 cash prizes or a 2011 Acadia Denali
• So Much Much More!!!
For full conference and registration information, visit www.REALTOR.org/Conference. Register by August 15 to take advantage of early bird registration pricing.
KAAR Salutes Its Heroes - Youth Villages Back Pack Heroes Program
KAAR salutes and extends a HUGE thank you to the “Heroes” who helped make the Youth Villages Back Pack Heroes Program a great success! For the third year in a row, KAAR members have shown their generous spirit by providing back packs and school supplies for over thirty at-risk children.
Keller Williams, 10 back packs, Broker Joanne Mielenz
Realty Executives, 5 back packs and extra supplies to fill several more.
Brokers: Wanda Sterchi, Wanda Hendryx, Steve Fogarty
Century 21 Select Properties, Broker Bob Sparks
Coldwell Banker Wallace & Wallace,
Brokers: Beth Bradley, Dawn Willis, Pamela Sheehan, Beth Stewart
Coldwell Banker Wallace & Wallace, Judy Brietstein
Home Team, Broker Bob Ricker
Hop Bailey Company, Broker Fay Bailey
Omega Realty Group, Linda Ericson
Parkway Realty, Broker Annette Mehal
Platinum Realty Group, Broker Allison Oaks
Price & Associates, Broker Dwight Price
Rarity Bay Realty, Broker Lew Edgar
Realty Executive Associates, Ashley Finney-White
Realty Management, Ramona Gibbs
Slyman Real Estate, Broker Laura Slyman
House Hunters Realty, Broker Dianne Royer
West Knox Realty, Broker John Blair
Surprise! There is a TennCare Claim that must be paid.
America’s population is maturing. Senior citizens now comprise over 20% of the US population and it is estimated that over 80% own real property. If you represent one of these senior citizens in the sale of their property, there are many unique and special issues that must be considered. The NAR SRES® designation (Seniors Real Estate Specialist®) was designed with these issues in mind.
One issue is that of TennCare Estate Recovery. Pursuant to federal law, states must seek recovery from an individual’s estate for nursing home fees, home and community based services, as well as related hospital and prescription services. Under Tennessee law, recovery is limited to medical assistance paid for nursing facility services. This recovery is further limited as follows:
- the recipient of any nursing facility services must have been 55 years old or older when the assistance was received
- the recipient’s spouse, if any, is now deceased, and
- the recipient has no surviving children under the age of 18 or any that are permanently and totally disabled as defined by statute.
There are many misconceptions and questions regarding TennCare Estate Recovery, such as the following:
Q: If the estate is not probated, will the heirs still have to pay TennCare? How would TennCare know of the recipient’s death?
A: The Department of Health notifies TennCare of the death of any person 55 years of older. TennCare will then notify the responsible party of any claim it may have. If probate is not opened, TennCare can file a petition to appoint a personal representative to probate the estate.
Q: If Mom and Dad give a deed to the property to a son or daughter several years before their death, but the deed is not recorded until after the date of death, can TennCare Recovery be avoided?
A: Probate can be filed by an heir or on the petition of a creditor (i.e. TennCare). Recording the deed after the date of death does not prohibit the deceased’s property from being brought into the probate estate if there are not sufficient assets to pay creditors.
Q: If a creditor only has a claim within 12 months of the date of death, why shouldn’t an heir just wait a year or more after the date of death to open the estate?
A: Generally speaking, it is true that TennCare has up to one year from the date of death to file its probate claim. However, there is a split in Tennessee courts regarding whether a creditor may file a claim if an estate is opened for probate after the passing of more than one year from the date of death. Those courts in favor of allowing the TennCare claim reason that it is not proper to reward heirs or allow them a windfall for their failure (intentional or not) to open an estate.
Q: If the deceased owes creditors more than his or her property is worth, will TennCare Estate Recovery be pro-rated with other creditors’ claims?
A: Under Tennessee law, state and federal taxes and assessments (i.e. TennCare Estate Recovery) are a third priority claim, coming after only administrative and funeral expenses. Other creditors’ claims cannot be paid until after all higher priority claims have been paid.
609 Weisgarber Road Knoxville, TN 37919 Phone 865-584-8647 Toll Free 877-584-8647 FAX 865-588-8647
