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Yes, I have a Sister-In-Law who told my wife that her (SIL) retirement plan was her inheritance from their Mother.
Their mother is Dead Broke!
Now she has said her retirement plan is to move in with us! Another incentive to move into a CCRC where the Added Person Fee would be cost prohibitive.
I chuckle seeing the RV's and boats with "spending my kid's inheritance" painted on them. If you saved your whole life for a great retirement, it should be yours to spend, and not worry about able-bodied, normal intelligence adults to live off.
I think it's fine if someone passes away before their time and leaves their money to their kids, or even if they have tons of money and they leave them the remainder after living a nice retirement. But I feel that folks with no disabilities should support themselves and pay for their own way, and not expect to live off their parents' hard work.
Let's keep politics in the political forum please. My MIL was considered well off when my FIL past away at 63. She was very conservative with her money. She lived until she was 94 - and due to being in a nursing home - the money was all used up - which was what it was intended for. No one should ever count on an inheritance.
Exactly. That is very real. Even if all an elderly person has is a house as their only asset and they receive Medicare, wouldn’t the house be required to be sold to pay for long-term care if that was needed? (I don’t know the rules)
A co-worker bought a small townhouse after his kids grew up so they couldn't live with them, lol. Enough room for when grandchildren visit but not enough for an extra grown up.
I lost a lot during the recession but am managing. Wish I hadn't trusted the investment company my company used or transferred the money somewhere else when I was laid off, but I didn't. The one I have now consistently increases my money.
It's foolish to plan retirement on an inheritance but I'll get there's more than one that does.
Exactly. That is very real. Even if all an elderly person has is a house as their only asset and they receive Medicare, wouldn’t the house be required to be sold to pay for long-term care if that was needed? (I don’t know the rules)
Various States now impose a lien on the home for the Medicaid costs. The owner is not required to sell the home when they enter a Nursing Facility as a Medicaid patient, but the Sate will collect from the eventual sale following the deaths of all owners. The Spouse continues to live in the home as if nothing happened, and in fact they may or may not know a Lien has been filed by the State.
What happens if the home is also occupied by an adult child with or without dependents? Since this child is not an Owner of the home are they faced with purchasing the home at its current value or relocating?
Various States now impose a lien on the home for the Medicaid costs. The owner is not required to sell the home when they enter a Nursing Facility as a Medicaid patient, but the Sate will collect from the eventual sale following the deaths of all owners. The Spouse continues to live in the home as if nothing happened, and in fact they may or may not know a Lien has been filed by the State.
What happens if the home is also occupied by an adult child with or without dependents? Since this child is not an Owner of the home are they faced with purchasing the home at its current value or relocating?
Right. What if the patient has no living spouse, has to go into an nursing facility and has an adult child (who has no money to purchase and hopes to inherit the house) living there? What happens then?
Anyone waiting for Mom and Dad to kick the bucket and pass on the estate would be wise to make a better plan. Anything can happen to that money.
A friend of mine has a mom who is 99, now very infirm and with 24x7 in-home care. The costs of her healthcare are enormous and are being paid for by equity on her house in Berkeley, Calif. My friend estimates that when her mom does pass away, there will be hardly any estate left. In any case, my friend is well covered by her husband's pension from 30 years of teaching in a university.
My own mom is 91 and still going strong. My dad died only last year and left her a pretty good pension, and the house also sold for a good price. But as far as I'm concerned, she can spend every dime on her health and wellbeing. She can give it all away if she wants. We'll take care of our own retirements and that's the way it should be.
Just my opinions on a Wednesday morning
Last edited by VTsnowbird; 09-28-2018 at 04:57 AM..
Reason: politics
I don't know what it's like now, but when my grandmother had to go into a nursing home the house had to be sold to help pay for it.
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Another incentive to move into a CCRC where the Added Person Fee would be cost prohibitive.
