Erika, just curious why Dad's house was placed in the grown children's names? I realize some parents do that for a variety of reasons.
Please note if you sell the house, there might be Capital Gains Tax on the house as the tax bases would start back to when Dad had bought the house. If a child(ren) inherit a house via a Will, then the tax cases would be from the market value of the house on the day the parent had passed. Sounds like none of the children are living in the house, thus it would be an "investment property", which is another set of tax rules. I know, why does it have to be so complex :P
Can Dad afford the rent on an apartment? Or will he be able to use some of the equity from his house? There are senior apartments that are based on one's income. There is also Independent Living at a senior complex which usually run about $5k per month for a really nice apartment which includes a full kitchen.
Wish we had a crystal ball to see what is Dad's future. If within the next 2 years Dad should need to apply for Medicaid [which is different from Medicare] Medicaid will see that Dad had "gifted" the house to his children..... thus Medicaid will deduct that amount from Dad's care, then Dad would need to be self-pay until Medicaid says it is time that he can use Medicaid.
Your best bet is for you and your siblings meet with an "Elder Law Attorney" to see what recommends the Attorney will give to make everything much smoother going as Dad's ages. Elder Law Attorneys are specialists regarding anything elder including knowing their ways around the rat maze called Medicaid [which is different in each State].
If Dad is listed as a "life tenant" and you sell the house, he gets a share of the proceeds, depending on his age. Please see an attorney before you make a bad decision.
Please note if you sell the house, there might be Capital Gains Tax on the house as the tax bases would start back to when Dad had bought the house. If a child(ren) inherit a house via a Will, then the tax cases would be from the market value of the house on the day the parent had passed. Sounds like none of the children are living in the house, thus it would be an "investment property", which is another set of tax rules. I know, why does it have to be so complex :P
Can Dad afford the rent on an apartment? Or will he be able to use some of the equity from his house? There are senior apartments that are based on one's income. There is also Independent Living at a senior complex which usually run about $5k per month for a really nice apartment which includes a full kitchen.
Wish we had a crystal ball to see what is Dad's future. If within the next 2 years Dad should need to apply for Medicaid [which is different from Medicare] Medicaid will see that Dad had "gifted" the house to his children..... thus Medicaid will deduct that amount from Dad's care, then Dad would need to be self-pay until Medicaid says it is time that he can use Medicaid.
Your best bet is for you and your siblings meet with an "Elder Law Attorney" to see what recommends the Attorney will give to make everything much smoother going as Dad's ages. Elder Law Attorneys are specialists regarding anything elder including knowing their ways around the rat maze called Medicaid [which is different in each State].