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Old 12-25-2014, 11:26 PM
 
34,356 posts, read 41,427,648 times
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Mom and Dad are in their late 80s and have come to the point where autonomous living is no longer in their best interest as medical maladies are becoming frequent.
Problem is my research has nursing homes running anywhere from $3K to 10K per month,a figure that is totally out of their price range. The home they live in now is bought and paid for but is only worth about $120K,if they sold it the money they'd make would barely cover a year of nursing home expenses,what then?.
What options do people have in their position?They live in Florida.
Thanks
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Old 12-26-2014, 01:27 AM
 
Location: Las Vegas
13,879 posts, read 25,302,878 times
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Start reading up on Medicaid. And see an attorney who specializes in Elder Law. You can get them into a nursing home and sell the house, using the proceeds to fund the nursing home. When they spend down to X dollars, they apply for Medicaid and the govt picks up the tab after their assets are gone. Or Medicaid will sell the house later.

See the attorney! And is your Dad a Vet? That can make a big difference.
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Old 12-26-2014, 01:55 AM
 
71,463 posts, read 71,629,249 times
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do not ,i repeat , DO NOT TRY TO GET FREE ADVICE ON THIS.

YOU NEED AN ELDER LAW ATTORNEY.

there are ways you can manuever at least 1/2 the assets and save them using various loan and payback methods . there are also negotiations that can be done by an attorney experienced in this matter with medicaid to find acceptable payments if one spouse remains home..

this is one of those many times free advice will be the most expensive advice.
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Old 12-26-2014, 06:22 AM
 
34,356 posts, read 41,427,648 times
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Lawyers get their piece of the pie as well?
Seems a shame their small savings and the house they worked so hard for disappears so readily in their elder years.
Telling them to sell their house and give all the proceeds to lawyers and nursing homes wont go over too well, their usual response when i suggest assisted living facilities is why should we do that when the place we are living is bought and paid for?.
I guess if them living in that house makes em happy and the prospect of them moving to a nursing home makes em not happy i'll have to let destiny run its course.

PS.While both Mom and Dad are vets it was for the British armed forces.

Last edited by jambo101; 12-26-2014 at 06:43 AM..
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Old 12-26-2014, 06:31 AM
 
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Isnt that what ones savings and home is for in your elder years, to take care of you?
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Old 12-26-2014, 06:37 AM
 
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2 simple solutions: (1) they can move in with OP (2) OP can pick up the tab for the nursing home.

"once upon a time" the children felt that they had an obligation to take care of their parents when they had to.

Yes, I know that ain't gonna happen these days
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Old 12-26-2014, 06:46 AM
 
Location: Loudon, TN
5,767 posts, read 4,822,990 times
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Do they really need NURSING HOME care or would assisted living be more in line with their needs? AL offers assistance by providing 3 meals a day, laundry, housekeeping, standby assistance with bathing, hygiene, etc, medication administration, transportation to basic shopping and medical appointments, and in some cases a doctor that will make rounds on a regular basis. There are different types of AL facilities too. Some are in private homes with 4-8 residents and 1 or 2 caregivers onsite round the clock, to larger places with a hundred or more residents and a large staff. Costs are lower for AL than a nursing home. I have found AL's in the $2800 and up price range, for one resident. 2 residents in the same room/apartment would get a rate less than two times the single rate.

Last edited by TheShadow; 12-26-2014 at 06:56 AM..
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Old 12-26-2014, 06:51 AM
 
6,306 posts, read 5,042,575 times
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Quote:
Originally Posted by jambo101 View Post
Mom and Dad are in their late 80s and have come to the point where autonomous living is no longer in their best interest as medical maladies are becoming frequent.
Problem is my research has nursing homes running anywhere from $3K to 10K per month,a figure that is totally out of their price range. The home they live in now is bought and paid for but is only worth about $120K,if they sold it the money they'd make would barely cover a year of nursing home expenses,what then?.
What options do people have in their position?They live in Florida.
Thanks
Medicaid. Pays for nursing home. At least speak to your county department of aging to get the facts on applying for Medicaid. Home can be worth 505,000 and still qualify.
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Old 12-26-2014, 07:00 AM
 
Location: Florida
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If you have not, look at Florida Department of Elder Affairs - Home for ideas.
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Old 12-26-2014, 08:02 AM
 
38,085 posts, read 14,878,695 times
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Talk to an elder care attorney.

A friend of ours took his parents to one in Alabama who advised them to sell the home and loan to the money to their son. His regular payments, which included interest, were counted as income but the folks did not have to "spend down" to $3K to qualify for financial assistance for ALF expenses.

The advice of the attorney was worth every penny.

The parents moved in with him for awhile. They fixed up and sold the home, the folks loaned him the money, they found an ALF that was affordable. Their SS benefits, plus the payment from their son covered part of the cost. They got financial assistance for the rest.

They also could have rented out the home, I believe, and used the income to help finance their stay in ALF. I don't believe you need to sell your home in order to get assistance.

I'm not sure about this. All I know is that they went the loan route, which worked out well. Should they ever be in a bind where they need extra funds for uncovered medical care or moving to a different facility, I believe they can take a payment on some of the loan principal remaining, but they need to be careful about the timing.

This way they were able to live in a nicer place, get some financial assistance, and still have a fund for emergencies.
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