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Eldercare
Reply to "Entering assisted living- how to pay"
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[quote=Anonymous]OP, why are in laws reluctant to sell the vacation home? I get the condo since psychologically they want a place to go if the AL place doesn't work out. But I think there is an adjustment period going from being truly independent in your own home, to having to "follow the rules" of a new living situation. They also have to deal with lots of personalities of the other residents. Not everyone is super social. Depending on how this affects their taxes, I would really try to sell the vacation property to pay for the entrance fee. (I also think they definitely need to go where they have friends if they can afford it.) I know of some places that will do a bridge loan with the pending sale of a home. I also know people who either pay for their parent's entrance fee, or contractually provide the bridge loan in the pending sale of a home. I also know someone who paid for her parent and basically put a lien on the will?? Not sure exactly how it worked, but basically the estate had to pay her back before proceeds were distributed to heirs. [/quote]
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