My parents are elderly and my sister and brother in law moved in to help them. My other sister and I knew they would get a good deal as they’re obviously family, but also because they would be helping them out. They don’t need 24 hour care or anything and are pretty mobile. Mom is 79 and Dad is 82. The issue is my parents sold the house for quite a bit less than we thought. I know, lesson learned. Should’ve had it in writing. The issue is my Dad was confused n the amount and ended up selling it for about $100K less than we thought.
As my sister is returning to work full time, my parents will be home alone for a significant period of time. We are going to have a caregiver come in which is expensive. The good news is my parents did a fine job of saving for retirement and should be fine. However, my older sister and my concern is what happens if they get significantly worse and require round the clock care either in home or at a facility? Again, they should be fine but if for whatever reason their money runs low or out, there is a ton of equity in what is now my sister’s house. She and her husband have said if it comes down to it they would sell the house to cover the expenses but quite frankly they make poor financial decisions and we’re concerned they won’t follow through.
Is it possible to draw up a document that says they would have to sell? Any other options?
Any help is appreciated.
As my sister is returning to work full time, my parents will be home alone for a significant period of time. We are going to have a caregiver come in which is expensive. The good news is my parents did a fine job of saving for retirement and should be fine. However, my older sister and my concern is what happens if they get significantly worse and require round the clock care either in home or at a facility? Again, they should be fine but if for whatever reason their money runs low or out, there is a ton of equity in what is now my sister’s house. She and her husband have said if it comes down to it they would sell the house to cover the expenses but quite frankly they make poor financial decisions and we’re concerned they won’t follow through.
Is it possible to draw up a document that says they would have to sell? Any other options?
Any help is appreciated.
