Follow
Share
This question has been closed for answers. Ask a New Question.
Find Care & Housing
Double ditto to consulting with an estate planning/elder law attorney as to how best to manager (your moms?) funds so that they are 1) kept liquid for her care, and 2) won't disqualify/delay any future Medicaid qualification (which many elders require as they decline and their care intensifies). Please do not co-mingle your funds with hers. The Medicaid "lookback" period differs in each state with some being as much as 5 years (like in my state). Please invest in a consultation with a professional who knows the laws of your state.
Helpful Answer (0)
Report

Garden Artist has such good questions for you to contemplate.
Firstly, you say "can WE purchase"....etc. Your Mom has dementia, so no, she cannot take part in purchasing something. She cannot sign for something like this. Only with your having POA with broad investment rights can such a thing as this be considered. THEN ................
I would also caution you on this: There are some quite brilliant people on the forum, medical people, some lawyers, estate managers and etc. But in something this earth shaking you need to, after taking into consideration ALL the information you can gather, go to an expert. Where your Mom's funds are concerned that means an Elder Law Attorney practicing in your State. You are dealing with things here that can change things radically and inexorably and you CANNOT make a mistake on this. This could effect your Mom's ability to enter into care where any medicaid funds might be required. This could affect her eligibility for care in many ways. Do not take the word of realtors in this. See a Lawyer after you gather all the information you can; take all information re yours and your Mom's assets with you. Wishing you lots of good luck. You are going about this the right way, getting information, but remember the last step is a Lawyer. They are not without cost, but ultimately you need their expertise.
One more caution.
Again, You say that your Mom has dementia. To do this I am assuming you are her POA with BROAD rights as to her investments and financial. With the ability to sign for her in assuming a mortgage. Your Mom, with her diagnosis cannot participate in this. Therefore YOU are liable for any problems in future as regards such a purchase. Again. SEE A LAWYER expert in this transaction in your State.
Helpful Answer (2)
Report

I think that would depend on some specific and general factors:

1.    W/o prying, were the 3 of you living together before your father passed?  If so, what's the disposition of his house?   Is it unavailable for you and your mother to live in?  Are there inherited funds from his estate to apply to purchase of a different house?

2.    Do you anticipate obtaining a mortgage?  If so, can you alone afford to make the monthly payments, as well as the annual taxes, HO insurance, and anticipated typical household costs and expenses? 

3.   If a mortgage is involved, the mortgagee (lender) MAY require both names to be not only on the title but the mortgage.   This was the situation the last time I was involved in getting a mortgage, which was well over a decade ago, but it was a factor in assessing whether or not either of us had sufficient assets to maintain the mortgage if either of us passed. 

3.   If your mother's assets would be needed for a mortgage and house maintenance, she would have to be a co-mortgagor (co-borrower), which means she would at an older age be committing to a potentially significant financial obligation for perhaps an extended period of years.

4.   If she needs to co-sign, a good lender may be concerned about her health limitations and balk at issuing a mortgage.   In addition, she would have to be cognizant of the commitments she's undertaking, and therein lies the dementia trap.

5.    Is she able to comprehend the legalities and nuances of committing to a mortgage and household financial obligations?   If her dementia is at a stage at which that's questionable or unlikely, the mortgagee may balk at relying on her and her assets.    

6.    If she passes (and I certainly don't mean to be mauldin), can you afford to manage the house on your own? 

On background issues:   where is she living now?   Do you have your own house, or does she, or any assets that could generate income for a down payment?  Have you factored in the possibility of requiring Medicaid in the future?

I sense though that there are other issues which haven't been addressed.   Do you have siblings?   If so, what if any is their involvement?  

Lots of issues to consider.   This is kind of a "decision tree" situation.   You might want to start inventorying assets now (if you haven't already) so a good decision can be made.
Helpful Answer (1)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter