My mother is 91. I sold my house to move in with her and care for her. She wants to pay me for caregiving by giving me the house. The original discussion was for me to live in it as long as I might want.
Not sure if this is the way to go. I am retiring from my job soon and recently inherited a little money so could technically pay off Moms mortgage. But could also invest the money and increase my monthly income.
I have POA.
She refuses hospital or any long term facility care.
There are 4 other siblings. They are supportive and want the house to go to me, if I want it.
I am just unsure if this should be by will or if it should be done now.
Great information ba8alou!
Carol
I'm so happy for you and your family that your mother is in such a wonderful care facility. My hope for everyone (until there is a different care solution) is that every care facility in the country is this good. Many elders feel very safe and comfortable under such care.
Warmly,
Carol
I would talk this over with an estate attorney. Even though your mother doesn't want to go to a nursing home, sometimes there is no choice. If a transfer is made you should do it now, but even then, if your mother's assets are spent down the house may still be liable. There are positives and negatives about the transfer, but if you pay off the mortgage and she goes on Medicaid there could be confusion over whose money the house represents. Legal advice is necessary in my mind so that you know you are protected.
This is a wonderful situation from the sound of it. You may also, after checking with an estate or elder law attorney about the house (because of potential Medicaid issues), want to talk with a fee only financial planner to see what strategy is the best for the use of your money.
Take care,
Carol