Very generally, here's my situation...
My MIL passed away around Christmas. Now, FIL living at home alone (he's 85). Doing okay for now, but who knows how long (early dementia). He's a vet, and we have someone coming to the house to cook, visit with him, take blood pressure, 3 times per week. In addition to that my wife goes over about 2 days per week.
He has a home worth probably $190k, and about $40k left on the mortgage. I pay the mortgage, and have for years because they are fixed income. I paid for MILs funeral in December (talk about sticker shock). He has one car (was my MILs) and we need to sell it because he doesn't drive. It's not worth much...2-3k. He has no money, maybe $3k to his name....lives on SS payment and we supplement anything he needs.
My main question -- is there any way to protect his home? He wants to leave for my wife (he says it's the least he can do since we've been paying his mortgage and basically supporting him for 15 years). I am under the impression that if it gets to the point that he cannot live alone, we are going to need to liquidate his assets before he would get assistance, even as a Veteran (I could be off base on this).
Any way at this point to protect the investment in the home?
My MIL passed away around Christmas. Now, FIL living at home alone (he's 85). Doing okay for now, but who knows how long (early dementia). He's a vet, and we have someone coming to the house to cook, visit with him, take blood pressure, 3 times per week. In addition to that my wife goes over about 2 days per week.
He has a home worth probably $190k, and about $40k left on the mortgage. I pay the mortgage, and have for years because they are fixed income. I paid for MILs funeral in December (talk about sticker shock). He has one car (was my MILs) and we need to sell it because he doesn't drive. It's not worth much...2-3k. He has no money, maybe $3k to his name....lives on SS payment and we supplement anything he needs.
My main question -- is there any way to protect his home? He wants to leave for my wife (he says it's the least he can do since we've been paying his mortgage and basically supporting him for 15 years). I am under the impression that if it gets to the point that he cannot live alone, we are going to need to liquidate his assets before he would get assistance, even as a Veteran (I could be off base on this).
Any way at this point to protect the investment in the home?
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