Reply to Aging parents - what am I looking at financially?

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[quote=Anonymous][quote=Anonymous]OP, do they live in a lower COL area? That's the first thing. They can only live where they can afford. Even if that means seeing you less. Know what facilities are around them, start there. Do these places take Medicaid? The situation could be completely different when they need it but you need to become familiar with their area. If they need assistance, they move in as full pay, there assets are depleted, and they become a Medicaid patient. Do not go into making lifestyle choices (assumed for the future) with you paying. Yes, you are likely to want to contribute to make their lives better ~ if they don't live near you, that means flying in frequently to visit them. Do not plan and commit to any lifestyle they can't otherwise afford on their own.[/quote]

They live half a mile from me in NoVA in a condo we purchased in order to put them in a rent-controlled situation. They cover the mortgage. The market value is about $500 more per month but we take that as a loss for tax purposes. They were homeowners my whole life but after they were pushed into retirement and faced age discrimination and couldn't find work they continued spending they way they always had and took out a home equity line. They were buried in debt and I had to do an intervention and convince them to sell the home. I also had them meet with a financial advisor. [/quote]

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