Is It a Good Idea to Transfer Ownership of Your Home to Your Children?

Usually not. You may want to do so because you wish to avoid probate and have your children be secure in the knowledge that the home is theirs. Further, they may have promised to let you live there as long as you want or can.

WARNING! If you give up all ownership in your home, you no longer have a right to live there.

Your children may display selfishness and greed that you would have considered unthinkable, but we know it happens all the time. What are you going to do if the house is sold out from under you?

And what if the owners experience serious debt problems and the creditors go against the home (remember, you no longer own it)? Where will you live after you’re forced out?

Please don’t misunderstand. Most children would not abuse a parent’s trust, but are you willing to bet your home on the belief that such trust will not be violated? The temptation of money can cause even loved one to do things “out of character”. There are better options which may allow you to “have your cake and eat it, too”. I will discuss those in next week’s blog.

How Will I Pay for a Nursing Home?

Medicaid (government welfare) was long-used as the preferred way by many of preserving family assets while also receiving necessary care. This was accomplished by what is known as Medicaid planning. Because of recent changes in federal law designed to tighten eligibility requirements, the advantages of such planning have been greatly reduced. As a consequence, long term health care insurance has become a much more desirable option for serving the same the purpose.

Looking for a Nursing Home?

A source of information and ratings on quality of care in the 17,000 Medicare and Medicaid-certified nursing homes is the country can be found at http://www.medicare.gov/NursingHomeCompare.

Included are health inspection results and complaints with detailed and summary information about deficiencies found during the three most recent state inspections and recent complaint investigations.

Keep Hope Alive

As we travel the latter years of life, many of us become depressed, less optimistic and lose hope. Fight it!

Sure, it’s understandable to think that your “best years” are behind you, and you may be right. So what?

Your life is not over. Think of all that you can do. Volunteer. Visit old friends. Make new ones. Spend more time with family. Stop putting off doing things you’ve long wanted to do. Your life is still worth living.

That is what hope is all about.

And hope will keep you going in ways that seem surprising.

Not just your outlook will improve. Research shows hopeful people are physically better off than those who are not. You’ll be sick less often, have lower stress, and sleep better. And, perhaps most importantly, you’ll enjoy life more.

Calcium Pills May Not Help

As we reach 50 years or so, our bones can lose calcium and weaken as a result. Understandably, many people take calcium supplements in efforts to stymie, if not reverse, the process. Warning! Studies show no positive results. In fact, constipation, kidney stones and cardiac problems have been noted.

Hearing Loss May Foretell Dementia

The American Medical Association has reported a study that found that people suffering from hearing loss are more likely to suffer a decline of cognitive ability (dementia). The more serious the hearing deficit, the greater the mental impairment.

What does that mean? For baby boomers with parents who are showing signs of being “hard of hearing”, it means that procrastination in getting important legal documents prepared and signed must stop. You’ve been given a clear warning. Make sure your parents (and you, too) have wills or living trusts and powers of attorney for finances and health care. Don’t wait until they are no longer competent. You will have waited too long.

If I can help, please let me know.

Money Management & Old Age

As we age our sharpness for financial affairs dulls particularly if dementia is involved. Bills are paid late, if at all. Checks are written and not posted in the ledger. So overdrafts frequently occur. And we become more vulnerable to solicitations from suspect charities.

You can help a parent or other loved one I this predicament if you are willing to step in.

There are services available which will help seniors organize their financial affairs (sort of like “bookkeeper plus”). Costs are rather modest. You, of course, can directly help, too. You should have the person’s financial power of attorney.

I can help with all of these needs and concerns.