Q: I am 80 years old, what are the pros and cons of selling my home, putting the cash in the bank, and renting a home?
A: Given your age, this largely turns on (1) whether you are one of the over 70% of Texans who must apply for Medicaid to pay for long term care and (2) whether you are willing to enter a Medicaid nursing home in order to preserve the home for your spouse, child or whomever else you want to leave it to. Private pay only nursing homes probably provide better care. Paying for private care at home as long as you can probably provides for better care. The advice of most elder lawyers is likely that you earned the money and you should spend it on getting yourself the best care you can for as long as you can. If you can do that without selling your home but want to hedge against maybe someday needing Medicaid, talk with a local elder law attorney about recording a Lady Bird Deed to transfer the home on your death free of probate and free of Medicaid estate recovery. You can find one near you using the Find a Lawyer function on the website of the National Academy of Elder Law Attorneys (www.naela.org)
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