My dad lives in fla used to live in IL and Wisc. He is going into assisted living. He has $53,000.00 income and A house. We want to move him back to a facility in IL or Wisc. Sell the house in FLA what happens when he runs out of his money. He has lived in Fla since 1993. Thank you.
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It will be good to sell the house and put that equity into a money market to use for payment to Assisted Living.
Once Dad runs out of money, he can apply for Medicaid which will help pay for his care.
The best thing to do is to find a continuing care facility that takes not only self-pay but also Medicaid. That way he can stay in the same place, still be with new friends he has made, and have the same Staff.