Reply to Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan

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Reply to "Elderly in-laws refuse to sell house that needs $200k of work, are out of money, can’t get loan"

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[quote=Anonymous]OP, I feel for you as I am in a similar situation with my father. As everyone has already suggested, you should not be helping out at all—not for the roof, not even for the semi-regular deposits you are making. If they truly run out of money, they can apply for food stamps, energy assistance, meals on wheels, etc. Don’t enable them any longer especially while you have your own house to buy, retirement and education to fund. At some point, one of them will be hospitalized and you’ll have to tell the hospital that they need to find a Medicaid home for them. The spouse at home will get to keep some assets, but they will have to spend down their assets and apply for Medicaid once their money runs out. They will be private pay until then.

You mention funeral costs. Once you have financial POA, you can put aside $15,000 of their assets in a funeral trust. This is allowed by Medicaid and is part of the spend down. You shouldn’t have to be worried about paying for their funeral or burial expenses out of your own pocket.

Good luck. This is a hard road. It’s time consuming and emotionally exhausting. There are no great alternatives, but you want to make sure you come out financially whole. It would not be fair to you and your kids otherwise.[/quote]

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