Reply to Possibly buying a house with my mom....future financial considerations?

Forum Index » Money and Finances

Reply to "Possibly buying a house with my mom....future financial considerations?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Do you need the full value of her house to expand your own? You need to structure whatever you do so that you don't either need to sell your house or come up with the money to buy out your sibling's share when she dies. If she has few resources, what is sibling willing to contribute towards her care? If you would need a mortgage to pay for the new house, who is paying that? Are you and your sibling close enough to have a rational discussion about how to handle your mother's care, which in this case includes her assets? If you think you'd have to buy in to assisted living or nursing homes, I wouldn't necessarily commingle her funds with yours in a mortgage if there isn't other cash to pay for the assisted living. Medicare does a multi-year look back before they will pay any kind of nursing home benefit, and they will drain all her funds first.

If your mother doesn't have much, you shouldn't all be fixated on anyone having an inheritance. But it also sounds like you shouldn't bring her to live with you if you need her money to commingle with yours in a property. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics