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

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[quote=Anonymous][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]

Yes, exactly this.  I would charge them rent and just save the money for them.[/quote]

THIS THIS THIS. So many horror stories on some Caregiving FB groups of mistakes that were made not anticipating future issues or need to move to assisted living, nursing or memory care. No one wants to move their loved ones there if they can take care of them at home. So they think they will always be able to take care of them. But things change and suddenly they have too much money for assistance, but not enough to get into some place.

Talk with an elder care attorney first.

When my FIL lived with us, we took $300/mo and set it aside. I was forced savings for him. We were able to help out with his car repairs when he needed it. [/quote]

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