Sorry for your loss of your dad. Having gone through a similar situation with my parents, I am also sorry for the asset depletion that leaves your mom with a net spending gap and little assets outside her home.
Keep the LTCi in force. This is valuable for your mom.
Reduce her expenses as much as possible. Fund the spending gap from her savings. Don’t spend your funds until her savings and home equity are depleted. Check into public assistance, senior property tax credits in her town, etc. I personally wouldn’t invest her savings in equity at this point. If she stays healthy and in her home, she can always go the reverse mortgage route if her savings run out.
Do some planning now for your mom’s possible next steps. Educate yourself on your mom’s LTCi benefits and Medicaid LTC in her state. Become familiar with area facilities. A move into a facility can be necessary after an emergency or hospitalization. It’s not always possible to stay in one’s home or with family if care needs become too great.
Best of luck. Your mom is lucky to have your assistance.
Keep the LTCi in force. This is valuable for your mom.
Reduce her expenses as much as possible. Fund the spending gap from her savings. Don’t spend your funds until her savings and home equity are depleted. Check into public assistance, senior property tax credits in her town, etc. I personally wouldn’t invest her savings in equity at this point. If she stays healthy and in her home, she can always go the reverse mortgage route if her savings run out.
Do some planning now for your mom’s possible next steps. Educate yourself on your mom’s LTCi benefits and Medicaid LTC in her state. Become familiar with area facilities. A move into a facility can be necessary after an emergency or hospitalization. It’s not always possible to stay in one’s home or with family if care needs become too great.
Best of luck. Your mom is lucky to have your assistance.
Statistics: Posted by HomeStretch — Tue Apr 09, 2024 4:38 pm — Replies 8 — Views 678