Forum Replies Created
-
AuthorPosts
-
February 19, 2009 at 8:54 AM in reply to: Invest in Real Estate – buy house and Rent to family member??? #350067February 19, 2009 at 8:54 AM in reply to: Invest in Real Estate – buy house and Rent to family member??? #350100
UCGal
Participant[quote=scaredycat]1,000,000 at 3% interest yields 33,000. nursing home insurance = 10k a year?
prescriptions.
a movie once ina while. [/quote]
Just a note on long term care insurance… It typically has a “lifespan” of 3-5 years. (Rates higher for the longer coverage.) If you live longer than the coverage – then… Oh well…
This can be a significant issue for someone with a debilitating, but potentially long term condition. Alzheimers comes to mind.
A coworker’s mom is in a nursing home with alzheimers. She’s only got 9 months left on her coverage. After that, whatever cash she has will go to cover the $10k/month rent.
My brother in law’s mom is in assisted living here in San Diego. She waited to start the coverage – even though she NEEDED it – because she didn’t want to outlive the coverage and be forced to move to a crappier place.
Long term care is expensive. Insurance for it is not unlimited.
As I said in my previous post – I’ve got a lot of experience with this because of my parents, my husbands parents, and various relatives parents.
Don’t spend your parent’s money because they may need it.
And it doesn’t sound like a great investment.
February 19, 2009 at 8:54 AM in reply to: Invest in Real Estate – buy house and Rent to family member??? #350199Participant[quote=scaredycat]1,000,000 at 3% interest yields 33,000. nursing home insurance = 10k a year?
prescriptions.
a movie once ina while. [/quote]
Just a note on long term care insurance… It typically has a “lifespan” of 3-5 years. (Rates higher for the longer coverage.) If you live longer than the coverage – then… Oh well…
This can be a significant issue for someone with a debilitating, but potentially long term condition. Alzheimers comes to mind.
A coworker’s mom is in a nursing home with alzheimers. She’s only got 9 months left on her coverage. After that, whatever cash she has will go to cover the $10k/month rent.
My brother in law’s mom is in assisted living here in San Diego. She waited to start the coverage – even though she NEEDED it – because she didn’t want to outlive the coverage and be forced to move to a crappier place.
Long term care is expensive. Insurance for it is not unlimited.
As I said in my previous post – I’ve got a lot of experience with this because of my parents, my husbands parents, and various relatives parents.
Don’t spend your parent’s money because they may need it.
And it doesn’t sound like a great investment.
February 18, 2009 at 1:54 PM in reply to: Invest in Real Estate – buy house and Rent to family member??? #349083ParticipantAs someone who’s dealing with older in-laws and lost both my parents I have a perspective on this…
Your parents are in good health now… but that could change and they might need the money for nursing care.
Even that big pile of money gets whittled down pretty darn quick by skilled nursing homes. What if one or both of your parents develops alzheimers – and needs skilled supervision for many years. They might not be able to pay for it. They would have to liquidate and burn through all their assets except their primary residence – including the rental home you’re living in – before medicare would kick in to cover the nursing home expenses.
My in-laws are an example of this. Retired in their 60’s… both had pensions, house was paid for, life was good. Then my father in law broke his hip. During the surgery something happened and he has aphasia (diffused brain damage). He’s in a wheelchair now. All of their plans, expenses, etc have changed dramatically. Rather than staying in their lifelong home they had to move. Recently we built a companion unit (detached granny flat) that is handicapped accessible – and they moved in. Not the plan we had when they retired – but it works for us.
Your scenario is great for the most optimistic scenario – but it does not account for the twists that life throws at us.
It also strikes me as pretty selfish. But maybe I’m missing something.
February 18, 2009 at 1:54 PM in reply to: Invest in Real Estate – buy house and Rent to family member??? #349401ParticipantAs someone who’s dealing with older in-laws and lost both my parents I have a perspective on this…
Your parents are in good health now… but that could change and they might need the money for nursing care.
Even that big pile of money gets whittled down pretty darn quick by skilled nursing homes. What if one or both of your parents develops alzheimers – and needs skilled supervision for many years. They might not be able to pay for it. They would have to liquidate and burn through all their assets except their primary residence – including the rental home you’re living in – before medicare would kick in to cover the nursing home expenses.
My in-laws are an example of this. Retired in their 60’s… both had pensions, house was paid for, life was good. Then my father in law broke his hip. During the surgery something happened and he has aphasia (diffused brain damage). He’s in a wheelchair now. All of their plans, expenses, etc have changed dramatically. Rather than staying in their lifelong home they had to move. Recently we built a companion unit (detached granny flat) that is handicapped accessible – and they moved in. Not the plan we had when they retired – but it works for us.
Your scenario is great for the most optimistic scenario – but it does not account for the twists that life throws at us.
It also strikes me as pretty selfish. But maybe I’m missing something.
February 18, 2009 at 1:54 PM in reply to: Invest in Real Estate – buy house and Rent to family member??? #349524ParticipantAs someone who’s dealing with older in-laws and lost both my parents I have a perspective on this…
Your parents are in good health now… but that could change and they might need the money for nursing care.
Even that big pile of money gets whittled down pretty darn quick by skilled nursing homes. What if one or both of your parents develops alzheimers – and needs skilled supervision for many years. They might not be able to pay for it. They would have to liquidate and burn through all their assets except their primary residence – including the rental home you’re living in – before medicare would kick in to cover the nursing home expenses.
My in-laws are an example of this. Retired in their 60’s… both had pensions, house was paid for, life was good. Then my father in law broke his hip. During the surgery something happened and he has aphasia (diffused brain damage). He’s in a wheelchair now. All of their plans, expenses, etc have changed dramatically. Rather than staying in their lifelong home they had to move. Recently we built a companion unit (detached granny flat) that is handicapped accessible – and they moved in. Not the plan we had when they retired – but it works for us.
Your scenario is great for the most optimistic scenario – but it does not account for the twists that life throws at us.
It also strikes me as pretty selfish. But maybe I’m missing something.
February 18, 2009 at 1:54 PM in reply to: Invest in Real Estate – buy house and Rent to family member??? #349558ParticipantAs someone who’s dealing with older in-laws and lost both my parents I have a perspective on this…
Your parents are in good health now… but that could change and they might need the money for nursing care.
Even that big pile of money gets whittled down pretty darn quick by skilled nursing homes. What if one or both of your parents develops alzheimers – and needs skilled supervision for many years. They might not be able to pay for it. They would have to liquidate and burn through all their assets except their primary residence – including the rental home you’re living in – before medicare would kick in to cover the nursing home expenses.
My in-laws are an example of this. Retired in their 60’s… both had pensions, house was paid for, life was good. Then my father in law broke his hip. During the surgery something happened and he has aphasia (diffused brain damage). He’s in a wheelchair now. All of their plans, expenses, etc have changed dramatically. Rather than staying in their lifelong home they had to move. Recently we built a companion unit (detached granny flat) that is handicapped accessible – and they moved in. Not the plan we had when they retired – but it works for us.
Your scenario is great for the most optimistic scenario – but it does not account for the twists that life throws at us.
It also strikes me as pretty selfish. But maybe I’m missing something.
February 18, 2009 at 1:54 PM in reply to: Invest in Real Estate – buy house and Rent to family member??? #349656ParticipantAs someone who’s dealing with older in-laws and lost both my parents I have a perspective on this…
Your parents are in good health now… but that could change and they might need the money for nursing care.
Even that big pile of money gets whittled down pretty darn quick by skilled nursing homes. What if one or both of your parents develops alzheimers – and needs skilled supervision for many years. They might not be able to pay for it. They would have to liquidate and burn through all their assets except their primary residence – including the rental home you’re living in – before medicare would kick in to cover the nursing home expenses.
My in-laws are an example of this. Retired in their 60’s… both had pensions, house was paid for, life was good. Then my father in law broke his hip. During the surgery something happened and he has aphasia (diffused brain damage). He’s in a wheelchair now. All of their plans, expenses, etc have changed dramatically. Rather than staying in their lifelong home they had to move. Recently we built a companion unit (detached granny flat) that is handicapped accessible – and they moved in. Not the plan we had when they retired – but it works for us.
Your scenario is great for the most optimistic scenario – but it does not account for the twists that life throws at us.
It also strikes me as pretty selfish. But maybe I’m missing something.
ParticipantTivo also lets you do this. Their interface is through yahoo tv listings. It’s pretty darn easy.
ParticipantTivo also lets you do this. Their interface is through yahoo tv listings. It’s pretty darn easy.
ParticipantTivo also lets you do this. Their interface is through yahoo tv listings. It’s pretty darn easy.
ParticipantTivo also lets you do this. Their interface is through yahoo tv listings. It’s pretty darn easy.
ParticipantTivo also lets you do this. Their interface is through yahoo tv listings. It’s pretty darn easy.
ParticipantThe calculator makes some assumptions that may not hold water…
If you change your household income, the sales taxes go up. What about people who BANK rather than spend extra income.
And the vehicle fees seemed to be higher than the increases I’ve read about.
ParticipantThe calculator makes some assumptions that may not hold water…
If you change your household income, the sales taxes go up. What about people who BANK rather than spend extra income.
And the vehicle fees seemed to be higher than the increases I’ve read about.
-
AuthorPosts
