Looking for non- emotionally involved people to offer their opinions. A totally real and actionable situation.
Parent going to assisted living several miles away from her currently (rural) living situation. Has been driving to this point but it is also done. Current monthly fees are approximately the same a monthly SS and pension. Has resources to cover shortfall for an amount of time that exceeds likely lifespan.
Three offspring all married with kids. One has been doing the bulk of the caregiving due to proximity (lives about 10 minutes away,) Next offspring is about 2 hours away. Third offspring is nomadic and has been as close as the driveway and as far 2,500 miles away. Nomadic offspring has used parent’s house as permanent address, but not spent a great deal of time there.
Would it make sense for the house? It is classified as agricultural land. It is not eligible for capital gains exemption and has a very low basis on 1/2 and a not as low but still significantly appreciated from when spouse/Dad died? The close offspring and the nomadic offspring could both live there logistically. Not sure if either does.
If someone does live there as a tenant what is fair? None of the parties are broke. All are somewhat sentimental about the place. Parent will still have possessions there. How do you proactively make a plan for one party to live there to avoid misunderstandings and drama?
Parent going to assisted living several miles away from her currently (rural) living situation. Has been driving to this point but it is also done. Current monthly fees are approximately the same a monthly SS and pension. Has resources to cover shortfall for an amount of time that exceeds likely lifespan.
Three offspring all married with kids. One has been doing the bulk of the caregiving due to proximity (lives about 10 minutes away,) Next offspring is about 2 hours away. Third offspring is nomadic and has been as close as the driveway and as far 2,500 miles away. Nomadic offspring has used parent’s house as permanent address, but not spent a great deal of time there.
Would it make sense for the house? It is classified as agricultural land. It is not eligible for capital gains exemption and has a very low basis on 1/2 and a not as low but still significantly appreciated from when spouse/Dad died? The close offspring and the nomadic offspring could both live there logistically. Not sure if either does.
If someone does live there as a tenant what is fair? None of the parties are broke. All are somewhat sentimental about the place. Parent will still have possessions there. How do you proactively make a plan for one party to live there to avoid misunderstandings and drama?
Statistics: Posted by mnnice — Sun Oct 20, 2024 7:08 pm — Replies 13 — Views 1030