Hi, stumbled across this website in a reddit post and looks to be a great resource.
I am 32, my wife is 27. We are in upstate NY. My mother in law is 61, 62 in May, and has MS. She is what I'll call "high functioning" because I know there are multiple stages of the disease - she has been working as a secretary, still drives, lives by her self just fine, is of sound mind, etc. Her husband passed away 2 decades ago.
Her condition has been worsening as she has aged, but isn't really critical yet. We finally convinced her to retire, since being at work is really too dangerous for her with covid, and there was no option for her to WFH. She is ready, anyway. She is using sick/Vaca, filing for short term dis ability right now, and will be filing for long term also. So, by the time she's 62, she'll (assumedly) be covered under one of those. She'll be eligible for social security disability as far as we know.
So, trying to plan next steps appropriately. My wife and I live nearby my family, which is 1.5 hours from where my MIL currently lives. So the plan is to move her closer to us. Financials are concerning me a bit.
Right off the start, she has negligible savings, and has a retirement account with about $120k in it, and another pension with pretty minor value. We'd like to sell her house - market value is $220k - $230k, she owes $140k with a "balloon payment" of $50k following it. I am unsure exactly the specifics of that, but best case she about breaks even on the house.
We'll need to get her into a good living situation nearby us. My grand plan was to own an affordable house for her & set it up to be handicap accessible, in which she would pay us minimal "rent", in an attempt to give her a safetynet in case financials get particularly dire for her- in the event she cant afford "rent" she'd just live there for free and we can carry the house as necessary and sell it when she's gone to help recoup our costs. But haven't found anything great yet - so we'll be looking for an affordable apartment for her in the interim. There are options in the $600-$800 range around us that arent "senior living" or "fixed income" apartments. Haven't really looked into those two options, just because we're young so we're not overly familiar with the options, but with covid around I'd rather keep her out of a complex. We do own a two family house that she could move into, but its not exactly handicap accessible, so it would be a good stopgap for a while but not a long term solution as the disease progresses.
Someday, she'll probably end up in a nursing home or some sort of assisted living. I'm not entirely sure how that works out, but I am sure she won't be able to afford that with her retirement account. I have read a little bit about Medicaid and understand there may be options where it would cover nursing homes, but it is all a bit confusing.
I guess what I'm hoping is that someone can read thru and just make sure there isn't any blatant, glaring errors with what we're thinking. I would hate to take a step that really screws things up for her in the future, or puts a huge cost burden on us down the road that could have been prevented.