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I am recently retired (divorced) and my elderly 89-year-old father asked me to purchase his house. He doesn't want to live alone anymore (mother is deceased) and doesnt want to go to assisted/independent living. He also wants to maintain or increase his assets to give to his children upon death... very important to him. I cant afford the entire house so was thinking of purchasing half the house and then we would split the house expenses. I would live with him and help him out as needed, This would give him around 450k in cash to invest and also allow him to cut his house expenses in half. He has long-term care insurance so I could hire an aide if I need assistance, or if he becomes to much to handle I could move him to a nursing home. Since I am paying market value for 50 percent of the house I dont think it would impact his medicaid eligibility if he needs it in the future. Thoughts?

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He is asking a Lot from you . If he wants you to take care of him he should Put your name on the deed . You will be giving up your Life and freedom . 89 is Not young . I was thinking about how many woman fall Into this role of caregiver and it is a role that Our culture doesnt discuss - it falls upon us . We grow up as Little girls , finish school , have a career , get married , raise children, Put them in college , get divorced and right around 50 - 54 became caretakers for our Parents . Mom Gets sick , a sibling Might Pass , Dad starts having some health issues . We think we are doing whats right Like good Little girls and the next thing you Know you dont Have your freedom , you are Not dating nor do you have a Boyfriend . You start canceling Jobs , dont Have a career , can't take that trip to Australia . Dad falls he is in the ER - broke a hip or had a stroke . Next thing you Know your fixing the roof, shoveling snow, parking His car , dealing with HIS Business , Siblings dont care till the end when they want their inheritance . My Advice - DONT - Help from afar . Too Many woman take on this role because Mom and dad dont want to go to assisted living or Rehab . Keep your freedom and help from afar but you should Not Pay $450,000 to be a Nursing home replacement . Your Life force will sustain him till he Passes and you will be resentful especially if you have greedy siblings .
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freqflyer Mar 2024
I have a feeling that jgman1 is the son, not the daughter.
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You've written a lot about what your dad wants

What do YOU want out of your post divorce life?

For me, the first couple of years after my divorce were about learning to be self sufficient and getting to know what I wanted out of life.

It sounds like dad doesn't have a lot of assets? Why is that? What do you know about his financial literacy and spending habits?

What is your relationship like with dad? Is he easy going? Or is he going to freak out when he doesn't know where you are after dark?

How will he feel about you bring people home? Will half the house REALLY be yours?
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KNance72 Mar 2024
great Points Barb especially bringing people home Like a Boy friend
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Take that $450,000 and Buy yourself a condo . You Just got rid of One guy . Enjoy your retirement and freedom . Taking On This role will be a full time Job and you dont get paid . You will become the house cleaner , the chef , grocery shopper , accountant , Handy Man , wife , chauffeur , Nurse , therapist and best friend . You won't Have a life Outside of His world . And you will have to Play by His rules . Invest in yourself and forget your siblings because they won't be there when you are exhausted cleaning up Peepee and changing diapers . Read Unhappy with my role as caregiver and I want to move -someone Just Posted on this forum That will give you some Insight about being stuck .
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In your father’s mind it will still be his house . This very often does not work out to be a pleasant living experience . You will be expected to follow his rules , do things his way , be the obedient child.

I do not know the implications of this arrangement should he need to go to a nursing home and you want to remain in the home , check with an eldercare lawyer who knows Medicaid on that . My guess is they may be able to put a lien on his half , so you could possibly end up selling anyway to pay the lien .

You do not mention if he would give you POA. If he does not and he refuses to hire aides ( for whatever reason ) you will be stuck doing all the care . Even with long term insurance your father may decide he does not want strangers in the house . It’s very common .

Without POA and With him still being an owner of the home, it would be very difficult to get him out of his own home should you want to place him in a nursing home and he refuses.

Bad idea . You could get stuck for many years isolated in a situation that is not the rosey easy plan you have laid out here .

Dad is selling you a bill of goods to stay out of a facility . And YOU are paying him $450,000 to take care of him ? That’s backwards . He should be paying you or GIVING you his house to take care of him . But even that you would need to check with a lawyer on for the Medicaid lookback aspect.

Do yourself a favor , get your own place . Dad should sell his house to pay for assisted living rather than put that burden on you . His money and assets should be used for his care. There is no such thing as inheritance until someone is dead ( if anything is left ) .

If leaving an inheritance is so important , your Dad could look into an irrevocable trust . But at his age it’s likely too late for that. There is a 5 year look back should he apply for Medicaid.
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KNance72 Mar 2024
Great Point Misery - it will still be his house and you will have to follow his rules Like an Obedient child .
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Lots of great info that is causing me to re-evaluate. I do plan to speak to an elderly attorney next week.

Couple other details.:

I am a divorced male and will have POA

My dad has a net worth of $2.1 million including the house, so he probably will never qualify or need Medicaid. I would also purchase house at fair market value to avoid the Medicaid look back period.

He is easy going but can be stubborn. We get along ok.

I also do not want to be a full-time caregiver, Just retired and want to do a little traveling while I still can. He claims he will use his LTC to hire assistance as needed....sounds like this may not be feasible.

I would live in a large private basement in an upscale neighborhood so privacy is not an issue. His house is much nicer than my townhouse.

I really think Assisted living is the best option as do my siblings. Hopefully I can persuade him to go this route.
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Beethoven13 Mar 2024
Get the details of the LTC policy in writing. Dad may have to call to get them to send. They would not release the information to me until I provided PoA documentation. LTC policies vary. My parents policy did Not cover home care. Facility care only. And get what the daily rate the policy provides. My dad’s policy paid less than 100 dollars per day. Most SNFs are at least 250 dollars per day. And, the senior has to meet the insurance criteria for needing ltc. Help with multiple activities of daily living, medication management, bedridden etc. it’s not just whenever the senior or family want to use it. And there is a lifetime maximum the policy will pay. Ours was less than 200k. SNFs can cost 100k per year. Some ltc will cover Assisted living or memory care But with Reduced daily benefit amount. Get the SPD, benefit details in writing so you and Dad really know what he has. The insurance will require they get your father’s medical records to support the need for medical necessity for LTC. If he has any shorter SNF stays before, like after a hospitalization, those days can count toward the 60 day waiting period. There’s all kinds of details. Call and find out and educate dad, or let him get the information. But verify.
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get the details of his long term care policy. Find out who it’s with and call them and have them send you the benefit details in writing. Actually, dad will have to do that because they won’t release the information to you if you have not activated your POA for him. I found out my parents ltc policies are Facility care only. They do not cover home care. And, the insurance first will determine if the criteria for coverage are met. Does dad need help with several activities of daily living, which ones and how much. What medications. Then there is a usual 3 month buy in period, you pay privately until that’s over. And, there is usually a lifetime maximum. Get that number so you know. And the daily rate his policy covers for care. My parents paid less than 100 dollars per day. So we would pay the difference if they go to NH. Get the details of what the ltc policy will provide and how so you and he are prepared. I personally would not buy into his home. Maybe live in the nice basement and pay rent. Or, rent your own place nearby. Which is what I’m doing. Living in the home with him if/when his needs increase will change a lot. You will have no privacy and that’s only the beginning.
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He has a trust and I am the POA. Also, I am the only sibling in the area but all my other siblings are supportive of my plan. His LTC policy pay $300/day for outside help/home care. Increases 5 percent annually. 3 year/300,000k max
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jgman1, I hope you decide against your dad's selfish plan to use you in order to avoid going into care.

When my parents were younger, I never would have guessed how self-centered they would become. And, even though they hated being caregivers for their own parents, that they would then turn around and expect it of me. Both of them, including dad's wife, think everything revolves around them, and they think that I OWE them.

I have benefited greatly from the advice given on this forum. These wise people who have been through some very hard times with their elders have gone through every possible scenario that one can imagine.

Please listen to them and DON'T go along with this insane plan of your dad's. Don't pay $450,000 to buy half of his house, and please don't move in with him or you will live in misery in that house for many years.

People live way too long these days. You could get into a caregiving role that will completely take over your own life. Don't let yourself be put into the role of a servant. It will only lead to resentment and heartbreak.
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ElizabethAR37 Mar 2024
You are SO right that people live way too long these days. I say that as an old-old person of 87 (my husband is 94). I have learned a lot on this Forum, too--mostly about what NOT to expect of family. Although I had already determined that we would make every effort not to become a burden, I have recently looked into potential alternative living situations in more detail. (We currently live independently in our own home with some hired housecleaning and yard assistance.) I also hired a geriatric case manager for an assessment and recommendations. If affordable, I think that is a good plan for old people BEFORE they become incapacitated or incompetent.
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jgman1, whether you move in or care for your Dad from your own place, please note that your Dad will not view you as an accomplished adult, but as a child who doesn't know anything. Be ready for the disagreements.

I ran into that when I was helping my parents who were your Dad's age. Due to the fact I was now a senior citizen myself, my parents still saw me as that 20 year old who could do anything. That elder-care journey with my parents was very stressful.
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Consider getting a professional "needs assessment" after you have lived with him (before committing to this plan)for a few weeks.

The local Area Agency on Aging may offer this, or you can arrange it through his doctor. Make sure that if he states he can do a task (cooking, dressing, meds) that he DEMONSTRATES the ability to actually perform the task.
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