Reply to Parents out of money at 75

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would sell the house and get them into a continuous care community near you, take the left-over money and put it in the bank/whatever a financial planner recommends.

Use the extra money for fun trips and save some for care when they are too told to care for themselves.

We did this for my mom and it was the best thing we did. Friends, no house to care for, activities, easily affordable.

[/quote]

A continuous care that takes Medicaid. When the money is gone, they will be able to stay there.

It won't be luxury or sometimes even decent care, but it's the one that's "free" for you. You would have to find and visit facilities, persuade them to sell their home, help them move, and then pay for your visits there. The staff will take better care of your elder if they know you like to pop in unexpectedly.

And of course... please don't expect any inheritance.

[/quote]

When they run out of money they will have to qualify for Medicaid. And that’s not all about money. You have to physically and medically qualify. If they are currently living independently in their own home there is a good chance they won’t qualify when they run out of money. And then they get evicted for nonpayment. Eviction from Eldercare communities is a real thing.

If they can live off social security and the only issue is big expenses, then we’d probably give them the money if it really is a necessary expenditure. But we’d make the arrangements, manage the project and pay directly. And I wouldn’t be paying for upgrades.

Also, if I were looking at future large expenses for my family, I’d be clear that during my kids’ college years or whatever, we wouldn’t be able to assist so they might want to do some budgeting and cost cutting so they have some savings.

My housing expenses are so minimal - $750 a month for taxes and insurance and a bit for utilities. No way could I get an apartment for less than the cost of my housing. And a condo HOA could be more than my costs. So moving might not reduce their costs. [/quote]

Of course moving doesn’t reduce their costs. What it does is free up a few hundred thousand dollars in home equity that they can use toward those costs. [/quote]

That makes no sense as they will burn through that equity paying rent.  Far cheaper just to pay taxes and insurance.  With a rental they pay rental, insurance, and more.[/quote]

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