Reply to Would you charge your parents rent to live in in-law suite?

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[quote=Anonymous][quote=Anonymous]It might not be a bad idea for your parents to pay you rent. If you anticipate they may need a nursing home in the future, it would be a way to “spend down” their assets in case they would need to apply for Medicaid. I would check with an elder care attorney first, but I have heard of people doing this.[/quote]

+1.  My mom let her aunt live with her for decades rent free.  When she needed a nursing home, all of her savings went to the nursing home before Medicaid kicked in, which meant she then had zero in cash for buying little luxuries like a box of candy, Xmas presents for her nieces and nephews, a new dress for Easter, some nicer furniture for the facility, etc.  if she had paid my mother a “fair market rent” (or less) for the room, my mom could have put it aside to let her have those little luxuries in her final years.  Of course, we tried to buy her things but she didn’t want us spending our money on her, and it’s not quite the same.  
I’m not saying make your elderly relatives skimp and eat catfood to pay you rent....but it maybe doesn’t make sense for elderly people to build up a big reserve of savings.  Also a lot of elderly people want to pay some towards their room and board so that they don’t feel like freeloaders.  [/quote]

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