I have been summoned to a family meeting(next week) to make a family decision about the disposition of our mothers house, that she is no longer able to live in due to a dementia( probably Alzheimers) condition.
One Sister has had a power of attorney for several years. Insofar as I know there is not anyone who is a GUARDIAN for Mom. She is now living with the youngest sister and her family,and as I understand it, is headed for a nursing homein the near future. I do know that Mom has a will , and the same sister who has POA( and her husband) are executors of the estate.This is a fairly longstanding arrangement
She has a nice, fairly new country home that is free and clear, and again to the best of my knowledge, is in HER NAME ONLY.
At this time the house is sitting empty.
I would like to see a family trust set up and the house placed into that,for purpose of LEASING the house out and the income from that used to help support Mom in whatever arrangements are needed.
It is NOT feasible to hire a fulltime caregiver( or even pay a family member a decent wage) to enable Mom to continue living in this house.
It seems to me that putting the house into a family trust, leasing it out, and directing the lease payments toMom's benefit, would be a better longterm solution than selling the house( in a very depressed market!) and having FINITE money that could very conceivably be exhausted and force Mom onto the MedicAid rolls.
I guess I need to know what possible REALISTIC legal issues,if any, could be raised against this scenario? I'm sorry to say that I expect resistance to this idea simply because it's MINE. And is the existing POA held by my sister going to be legally sufficient for her to act in such significant issues? Can she be held liable for nursing home costs that exceed Mom's assets? Can she be blocked from acting if another family member choses to petition Probate Court?
As for disposition after Mom passes, my thinking would be that the property could THEN be sold and the proceeds divided among the heirs, which as the eldest I KNOW would be Mom's wish. That's why she made a will! But recieving an inheritance is NOT my main motivator, it is trying to protect Mom from being impoverished and forced onto MedicAid.Unfortunately the rest of my family has more money than brains and are prone to kneejerk, "quick fix" reactions. I'm trying to maximize Mom's assets and Keep her OUT of a MedicAid hellhole.
Cindy O
One Sister has had a power of attorney for several years. Insofar as I know there is not anyone who is a GUARDIAN for Mom. She is now living with the youngest sister and her family,and as I understand it, is headed for a nursing homein the near future. I do know that Mom has a will , and the same sister who has POA( and her husband) are executors of the estate.This is a fairly longstanding arrangement
She has a nice, fairly new country home that is free and clear, and again to the best of my knowledge, is in HER NAME ONLY.
At this time the house is sitting empty.
I would like to see a family trust set up and the house placed into that,for purpose of LEASING the house out and the income from that used to help support Mom in whatever arrangements are needed.
It is NOT feasible to hire a fulltime caregiver( or even pay a family member a decent wage) to enable Mom to continue living in this house.
It seems to me that putting the house into a family trust, leasing it out, and directing the lease payments toMom's benefit, would be a better longterm solution than selling the house( in a very depressed market!) and having FINITE money that could very conceivably be exhausted and force Mom onto the MedicAid rolls.
I guess I need to know what possible REALISTIC legal issues,if any, could be raised against this scenario? I'm sorry to say that I expect resistance to this idea simply because it's MINE. And is the existing POA held by my sister going to be legally sufficient for her to act in such significant issues? Can she be held liable for nursing home costs that exceed Mom's assets? Can she be blocked from acting if another family member choses to petition Probate Court?
As for disposition after Mom passes, my thinking would be that the property could THEN be sold and the proceeds divided among the heirs, which as the eldest I KNOW would be Mom's wish. That's why she made a will! But recieving an inheritance is NOT my main motivator, it is trying to protect Mom from being impoverished and forced onto MedicAid.Unfortunately the rest of my family has more money than brains and are prone to kneejerk, "quick fix" reactions. I'm trying to maximize Mom's assets and Keep her OUT of a MedicAid hellhole.
Cindy O
