Sunset
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
OP- Wouldn't it be simpler to figure out your parents total current income (easy to look at last year tax return).
Figure out their total investments (stocks, bonds, real estate).
That is the numbers that a CCRC will look at to determine admission.
The CCRC or just retirement homes will as for financial statement and income sources and decide if they are 'rich' enough for that home.
For example a retirement home we looked at required: $300K in assets and SS. This was because they wanted to be sure to be paid for 3 years (at cost of $100K/yr), and after that if a person ran out of money they would keep them in the same room and services and accept Medicare payment plus most of the SS each month.
A CCRC we looked at (Friendship Village), which has gone bankrupt and is up for Auction right now wanted $500K deposit and supposedly you would get most back when the room was re-rented, plus it cost $120K per year.
Basically in my experience having looked at our local places, as person needed $80K per year income at a minimum for the lower cost places. The $100K ones were better. So to me the budget is $100K for the first person plus ~$40K for second (if sharing room) plus $20K to spend.
If you work out they have a budget to last their life and it's $80K then it doesn't work. Better to spend all their money in a retirement home in the first few years and go on medicaid. For many folks living at home doesn't work at a certain point.
Figure out their total investments (stocks, bonds, real estate).
That is the numbers that a CCRC will look at to determine admission.
The CCRC or just retirement homes will as for financial statement and income sources and decide if they are 'rich' enough for that home.
For example a retirement home we looked at required: $300K in assets and SS. This was because they wanted to be sure to be paid for 3 years (at cost of $100K/yr), and after that if a person ran out of money they would keep them in the same room and services and accept Medicare payment plus most of the SS each month.
A CCRC we looked at (Friendship Village), which has gone bankrupt and is up for Auction right now wanted $500K deposit and supposedly you would get most back when the room was re-rented, plus it cost $120K per year.
Basically in my experience having looked at our local places, as person needed $80K per year income at a minimum for the lower cost places. The $100K ones were better. So to me the budget is $100K for the first person plus ~$40K for second (if sharing room) plus $20K to spend.
If you work out they have a budget to last their life and it's $80K then it doesn't work. Better to spend all their money in a retirement home in the first few years and go on medicaid. For many folks living at home doesn't work at a certain point.