Dear Abby & Ann Landers – what would you do?

Dear Abby / Ann Landers:

Hypothetical Elderly Parent Options for Last Years –

What would YOU do?

Hypothetical question about elderly parent – answer ONLY based on info provided:

1) Elderly parent living alone, but doing well in retirement, pension & social security $; healthy nest egg, no $ worries
2) Health is good for octagenarian – no maintenance prescriptions
3) Children pop in weekly or bi-weekly to run errands, visit, take care of home/business, but unfortunately live ‘out-of-town’
4) Slight dementia w/ short-term memory lapses
5) Walks 3-4 times a week; drives to church, drug, and grocery store as needed
6) Lives alone, complains about being ‘lonely’
7) 100% relies on others to do everything, but refuses to have ‘strangers’ come into home
8) Lives in neighborhood where houses sold in $300k, now 1/2 to 3/4 value after ‘bust’

Retired octegenarian now wants to sell a home with NO mortgage & move an hour away into a home 2 x as big (& 2 X as expensive) so child #1 (who is single) can live with retiree so retiree won’t be lonely anymore.

Child # 1 advised retiree to sell current (100% equity) home to children, one child sells 50% share to other, & child #1 w/ cash purchases home in their name only – retired parent lives with in home purchased. Child lives in ‘boonies’ & works full-time as a health care provider for a local tiny hospital (basic care, no specialties or trauma unit). Child # 1 predicts current house will sell for more than value.

2nd child has-offered to create a parent-in-law suite in child’s home, with private entrance, private bath, with parent’s investment of about $15-20K, so parent can keep original home (and rent for additional income). 2nd child lives in ‘bustling’ metropolitan area, but quiet ‘bedroom community.’ Predicts current house sells for 20% below value, losing up to $70K in value if wait for 2-3 more years to sell.

What would YOU DO if you were children?

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One Response

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