Dad passed away this year. Mom (90) owns her condo outright. Daughter (58) lives with her (has lived with them for 5 years) and is now employed by mom as her full time paid caregiver (taxes SS, taxes etc). There are 5 siblings total. We are all in agreement with the ways things are running. We have a Lady Bird deed on the house and everything else is in a Living Trust. Mom has enough money to pay daughter for probably five years.
We are considering moving them to be closer to family across the state. So the QUESTION is this: Can mom sell the condo, put the money in the bank and use that to pay for a 2 bedroom apartment somewhere? This sounds like it should work UNLESS mom outlives her monies and ends up on Medicaid down the road. Being the money would be in the bank and not tied up in a homestead, would they make them spend this money down? Would they be better off repurchasing in the new location (problem may be finding a home as nice as the one they have currently which is valued at $120k. new location doesn't have anything as nice as hers for under $200k. )
Hope I explained this clearly with enough details. If not, just ask me. Thank you for your feedback. The information shared on AgingCare was invaluable to my sister and I in the past few years as we dealt with dad's dementia, 24/7 care facility and hospice.