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)
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.