Re: Best Way to Tap Equity?
Again, thanks for all the comments and inputs.* You folks are a world of knowledge........* And I have a lot of work to do following up and researching the best path to follow.
Our goal is to keep DW's mom happy as long as possible.* She paid her dues by raising DW and three siblings as a single mom after hubby died young, sacrificed much, has never been a whiner to any degree and is generally a pleasant person.*When DW and I were both working and raising the family, she'd come to our home every Tuesday morning and do the laundry, including ironing my underwear! Even as just an in-law, it would bug me to see her downgrade her already modest living standard at this stage of life.
But, there is a small cash flow problem that is sure to increase over time.* I think we've done a good job of monitoring benefits available to her.* Illinois Cares pays her SS Part D premium and fills in the "doughnut hole."* She gets a break on her car registration and property taxes on the condo through another Illinois program.* She doesn't seem to spend money she shouldn't that I've noticed, except perhaps giving to charity when she is on the verge of needing charity herself!* Example: she*still sends in a modest check every year to support public broadcasting because she watches/listens at lot.......
We did look at meals on wheels for her......but not as a recipiant.* She wanted to volunteer to help prepare and deliver!* Fortunately, we were able to help her understand that she can't afford a tank of gas every week to deliver meals!
How to utilize the $150K equity in the condo to best advantage seems to be the question and a number of alternatives have been mentioned.* All will be investigated.* Meeting with an elder law expert/attorney will be part of the plan.* How that equity intertwines with welfare availability now and in the future is obviously important.* Example:* I went to the Illinois Dept on Aging web site and determined that only a small amount of additional reportable income will result in losing her SS Part D help from Illinois Cares!* *And even at her modest income, she already is too "rich" to qualify for federal SS "Extra Help."* Makes you wonder how poor you have to be to be "poor."
Again, thanks!* I'll report back.
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam