family home for sale

I thought I would inherit the house!

In most situations, it is assumed someone will inherit the house. As our parents age and are faced with the difficult decision of how long they are able to continue living in their home, there is always the question of what will happen to their house. It can be a shock to family members when they are made aware of the cost associated with mom and/or dad moving into a retirement community, an assisted living facility or a nursing home. At one of my speaking engagements in April, the cost of long-term care generated quite the discussion among the attendees. Prices vary depending on the type of care, but my audience was shocked to learn about the depletion of an entire estate in Boston due to … 

three years of payments to a nursing home at the cost of $12,000 per month. Luckily, the woman had a long-term care policy, but her nursing home costs still required the sale of her home and most of her possessions. It was unfortunate for this family when they realized no one would inherit the house. Having the conversation about Legacy Planning prior to needing to sale the family home or business is a loving and generous thing to do for your family and friends. It will help reduce the stress and confusion associated with a major life change.

Have you thought about where you’d want to live if you no longer could stay in your home? Would you want to live closer to your children? If the reason for the move is Alzheimer’s or dementia, do you have a power of attorney for finances and health care? Do you have a documented plan for your personal property, real estate or any other important possessions? Is your estate set up so your family will inherit the house?

Posted in Insurance, Real Estate.

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