LitGal
Full time employment: Posting here.
This question relates to another thread I started, re. applying for VA aid/assistance benefits. If you have already read that one, please bear with me while I give a little background.
Mom has finally agreed with the dr. She needs to either pay for regular in-home care (IF she returns home after a current stay in a rehab. facility); or she needs to move to assisted living.
Complications: I live in OH; she lives near Sacramento; DB lives about 30 min. south of her. He has an impossible work schedule. (He's a CFO for a corporation that is currently being sold; he may be unemployed within a year. He can't RE because of kids in college.) Plus, he runs a side business which helps pay for their college.
His wife has been a saint, helping our mom whenever she needs it. PLUS, she still has a son at home, and she takes care of her own mom, who has many needs daily.
So, they are maxed out. I have offered to help as much as I can from a distance, and DH and I will probably spend about a mo. next summer helping prepare Mom's house for either rental or sale. (DH is disabled, though; so he won't be able to do much of the physical work involved.)
The facility the family likes best costs $3,700/mo. Her income is $1,400; we're HOPING (yes, hope does spring eternal) she might get VA aid/assistance for ~$1,000/mo. DB thinks we might be able to rent her house for ~$1,200-1,400/mo.
We agree it would be easier to sell it outright, then bank the cash to pay bills. However, Mom is only 86, and her dad lived till 98; so we could need monthly income for her for many years.
So, here's the question: has anyone here rented a parent's property in an effort to provide LTC income? If so, what worked? What did not work? Did you hire a property manager? Are there books you found helpful?
Any and all info. would be appreciated.
(Also-- a little more background. She has $170,000 in savings, $70,000 of which she gifted to DB and me in 2005 before Dad had to go on Medi-Cal. He has since passed away. DB and I agree that the gifted $ is there for her care; it's just convenient to already have it in our names if we need to have her apply for Medi-Cal.
Her house is only worth about $150,00; but Sacramento real estate has been appreciating again. So it could be in her best interest if we don't sell it yet.
We have hired an elder-law atty, a close friend, who will draw up some plans for us for funding her care while protecting her assets. If we need to apply for Medi-Cal, he'll help us do that ASAP. I know the CA look-back period is 2.5 years; but with her family's longevity, the look-back could be irrelevant for us.)
The rest of her affairs are in order: a current will with powers of atty. for DB and me; prepaid funeral; all her current bills are paid up. She has a living will.
Thanks again, in advance, for any insights you can offer.
Do I want to be a landlord? One who is about 2,600 miles away?
Mom has finally agreed with the dr. She needs to either pay for regular in-home care (IF she returns home after a current stay in a rehab. facility); or she needs to move to assisted living.
Complications: I live in OH; she lives near Sacramento; DB lives about 30 min. south of her. He has an impossible work schedule. (He's a CFO for a corporation that is currently being sold; he may be unemployed within a year. He can't RE because of kids in college.) Plus, he runs a side business which helps pay for their college.
His wife has been a saint, helping our mom whenever she needs it. PLUS, she still has a son at home, and she takes care of her own mom, who has many needs daily.
So, they are maxed out. I have offered to help as much as I can from a distance, and DH and I will probably spend about a mo. next summer helping prepare Mom's house for either rental or sale. (DH is disabled, though; so he won't be able to do much of the physical work involved.)
The facility the family likes best costs $3,700/mo. Her income is $1,400; we're HOPING (yes, hope does spring eternal) she might get VA aid/assistance for ~$1,000/mo. DB thinks we might be able to rent her house for ~$1,200-1,400/mo.
We agree it would be easier to sell it outright, then bank the cash to pay bills. However, Mom is only 86, and her dad lived till 98; so we could need monthly income for her for many years.
So, here's the question: has anyone here rented a parent's property in an effort to provide LTC income? If so, what worked? What did not work? Did you hire a property manager? Are there books you found helpful?
Any and all info. would be appreciated.
(Also-- a little more background. She has $170,000 in savings, $70,000 of which she gifted to DB and me in 2005 before Dad had to go on Medi-Cal. He has since passed away. DB and I agree that the gifted $ is there for her care; it's just convenient to already have it in our names if we need to have her apply for Medi-Cal.
Her house is only worth about $150,00; but Sacramento real estate has been appreciating again. So it could be in her best interest if we don't sell it yet.
We have hired an elder-law atty, a close friend, who will draw up some plans for us for funding her care while protecting her assets. If we need to apply for Medi-Cal, he'll help us do that ASAP. I know the CA look-back period is 2.5 years; but with her family's longevity, the look-back could be irrelevant for us.)
The rest of her affairs are in order: a current will with powers of atty. for DB and me; prepaid funeral; all her current bills are paid up. She has a living will.
Thanks again, in advance, for any insights you can offer.
Do I want to be a landlord? One who is about 2,600 miles away?
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