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Estate Planning-Keeping Mom living at Home

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jmhickey3507

Junior Member
What is the name of your state (only U.S. law)? New York

We currently are living in the basement apt. of my mother-in-law's house. We are looking to moved nearby but would like for her to remain in the house with some kind of care. She's 78 years old, legally blind and suffers from neuropathy in her legs, so cannot walk without assistance. But she is still very active in her church and would like to keep her connected with the community. Our financial advisor recommended putting her assets into a life estate with my husband and his brother as beneficiaries. We want to make sure she still has control over her assets (including decisions related to the house) if we do this. Will she still be in control of her assets (including decisions related to her home) if she does this? And how will this protect her assets in case she has to go into a home somewhere down the line?
 


curb1

Senior Member
How much is the house worth? Does she own it outright? What are her other assets? What income does she have? What is the cost of care for her? How much rent do you pay?

You asked, "And how will this protect her assets in case she has to go into a home somewhere down the line?"

When she goes into a home, her assets will be depleted first. When assets are gone she will then get government assistance.
 

tranquility

Senior Member
You financial advisor is practicing law without a license. While the "advice" he gave can be correct in many instances, with your stated goals it would be better for your mother to see an eldercare or estate attorney who will look at the facts and goals through a broader lens.
 

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