Book Report: Property Decisions by Dan & Julie Ihara

Dan and Julia Ihara open their book, Property Decisions: Avoid Family Disputes and Painful Taxes to Build a Legacy That Lasts with a staggering statistic: 70 percent of families fight over real estate after parents pass away. 

“Think about what you are about to read as a family preservation guide disguised as a wealth-building strategy,” write Dan and Julia. These family conflicts don’t come from bad intentions or lack of trying to do the right thing; they come from families failing to have a plan. 

It’s understandable why many don’t plan for end-of-life. As a parent, it’s hard to think about when you may not be able to take care of yourself or those you love. As a child, no one wants to force their parents into a situation that they may not like. As a sibling, everyone who may stand to deal with inheritance has different priorities. 

To work with clients effectively and empathetically, the authors share three big components to be mindful of. 

1. Ask Questions

Dan and Julie Ihara advise their clients not by telling them what they should do, but by asking them questions that help them discover what they want their real estate to do. Here are what some of those questions look like: 

• Do you know what your future medical care cost may be if you wish to remain in your home? 

• Do you need the income from your rental property to sustain the life that you desire?
  

• Would it be easier to downsize and move into a more accommodating home now or ten years from now?
  

• What would need to happen for your or your siblings in order for you to feel good about this decision? 

By approaching the situation with curiosity rather than with calculations or judgment, your clients and their families will think deeply about their futures and their values. 

2. Make a Plan

Once you’ve had the discussions with your clients about their wishes and are clear about the objectives, it’s time to make a plan. Dan and Julie share their PLAN Framework to help. 

Properties

Longevity

Assets

Next Generation 

The framework begins by going through the different properties in a client’s portfolio and doing an analysis on their performance. Then, it moves to a discussion about how long the client likely has left to live and how they’d like to live out those years. Next, a review of all the client’s assets outside of their properties. This review helps ensure that a wealth plan is integrated and can maximize positive outcomes. Lastly, the client creates a plan for the next generation. This includes having proactive conversations about who may inherit what and creating clear instructions so that no conflict can arise from ambiguity. 

By following the PLAN Framework, Dan and Julie believe that you and your clients can create a clear, powerful, plan that amplifies love and legacy. 

3. Take Action 

Aging is scary. The main reason that both families and those who are in their third act refrain from doing anything to help themselves through wealth transitions is fear. Dan and Julie urge those who read this book, who have asked themselves or their clients the hard questions and made a plan, to identify a first step and take it. 

Fear takes over when there is uncertainty. Having a plan and a proactive vision is a gift to those who will be around after you’re gone. Property Decisions provides a thoughtful, caring approach that helps create this plan so that loved ones can focus on what actually matters when they need to come together. 

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