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#1
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House for Mom
Mom is 74 and in good shape. Due to a family situation she now needs a new place to live. She can handle a modest mortgage with some cash infusion from my sister and me, or one of us can buy the place and mom can pay us rent to cover the mortgage payment. She found a few places outside Denver for $100-120K. Owning a rental property doesn't help me much tax-wise and I would rather not be a landlord again, even for mom! But overall considering her age, what is the best way to go?
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
#2
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REMEMBER man, SHE is your MOTHER not a renter. Give her the BEST place to live that you and your Sister can afford. REMEMBER you only have ONE MOTHER, SHE deserves the BEST that you can give.
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For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get. Clk's Ebay Stuff BUY SOMETHING NOW!!! |
#3
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If you can find something around Denver for $120k buy it.
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1977 300d 70k--sold 08 1985 300TD 185k+ 1984 307d 126k--sold 8/03 1985 409d 65k--sold 06 1984 300SD 315k--daughter's car 1979 300SD 122k--sold 2/11 1999 Fuso FG Expedition Camper 1993 GMC Sierra 6.5 TD 4x4 1982 Bluebird Wanderlodge CAT 3208--Sold 2/13 |
#4
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Put your only MOTHER in the best accommodations you can afford.
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For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get. Clk's Ebay Stuff BUY SOMETHING NOW!!! |
#5
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Quote:
I know all that but practicality has to come into play here too. We'll get her into a good place. The question is how to arrange ownership.
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
#6
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No she's not. My own biological mother is a POS, but my real mother/ aunt was the greatest woman that ever lived. She raised 23 foster children and myself. She was unable to have children herself. She was voted the mother of the year in Ohio in the 50's. All I'm saying is that you shouldn't worry about ownership in this case, you should do what's best for your Only MOTHER.
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For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get. Clk's Ebay Stuff BUY SOMETHING NOW!!! |
#7
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I think she hijacked the 'Man's account!
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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15 '06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod) |
#8
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being 74 years old, i'd look into a retirement complex. my sister and i went through this when dad died.
we did the pros and cons of her living by herself in a house, and the cons outweighed the pros by a very large margin.
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1989 300ce smoke silver / brazil, in a constant state of flux ~~~ |
#9
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HEY!!! someone has hijacked my account.
__________________
For the Saved, this world is the worst it will ever get. For the unSaved, this world is the best it will ever get. Clk's Ebay Stuff BUY SOMETHING NOW!!! |
#10
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That's a good idea. I guess it depends what it means when you say she's in "Good shape."
My Mom moved into a community that is deed restricted to over 55. There's a pool, community room, all kinds of stuff for seniors only. Maybe you can find someplace like that? Danny
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1984 300SD Turbo Diesel 150,000 miles OBK member #23 (\__/) (='.'=) This is Bunny. Copy and paste bunny into your (")_(") signature to help him gain world domination |
#11
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Quote:
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
#12
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We were faced with a similar situation when her Ma got sick and Ed got laid off. Made far more sense to get them close to us, so Darling Wife could help out daily without a 130 mile round trip to Baltimore.
We opted for buying a place (went in with Darling Wife's Twin Brother). Title is in our three names, Ma and Ed were left off for two reasons: a) Ma would have lost her medical assistance if she had any assets, and b) simplicity if Ma & Ed (or now Ed, since Ma passed on) opted to move on or when they'd both died. Ed is paying rent that covers the mortgage - if he's still around when his unemployment runs out, guess we'll figure out how to cross that bridge if/when we get to it. Market reality is that we could rent it for considerably more than the mortgage, so moving Ed in with us and renting at market rate to someone else is a possible solution.
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1961 220b: first project car - sold. 2000 CLK 430: first modern Benz - sold. 2001 CLK 55: OMG the torque!!! - sold 1972 280SE 4.5: Baby Gustav 1991 300TE 4Matic: Gretel the Snow Bunny - sold 1978 300SD: Katz the Free Man - given away 1980 Redhead: Darling Wife |
#13
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Quote:
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1985 380SE Blue/Blue - 230,000 miles 2012 Subaru Forester 5-speed 2005 Toyota Sienna 2004 Chrysler Sebring convertible 1999 Toyota Tacoma |
#14
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I would keep her name off the deed. This way if she needs to go into assisted living in the future, they can't attach her house because she won't own it.
You really don't want anything in your name as you get older, it should be in your kids names or a trust.
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1999 SL500 1969 280SE 2023 Ram 1500 2007 Tiara 3200 |
#15
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Quote:
Having a kid with special needs pretty much necessitated setting up the trust now, otherwise an insanely low amount of assets would disqualify him from any services he might qualify for (which he hopefully wouldn't need anyway).
__________________
1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15 '06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod) |
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