Smart Money: ; Other Heirs Might Sell Home at Modest Price
Charleston Daily Mail › June 17, 2008
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Summary
DEAR BRUCE: I am a widow of 10 years who moved into my 96-year- old mother's home. I am her caretaker and also her power of attorney. If she has to go into a nursing home, her few assets and the home's value ($90,000) would be used for her care. If she dies, I share in one-third of the estate. I have no debt and $70,000 in CDs, annuities and a Roth IRA. I am fairly healthy and have put considerable effort and expense into maintaining the house. Built in the 1950s, it's in a good neighborhood in a midsized prairie town. It does need new siding and insulation.
My question is, should I buy this house? I am thinking that an apartment would be just as expensive without all the space, storage and memories. But it would take most of my assets to get the payments small enough to make the purchase and still have enough money to maintain it. I do receive Social Security, but is this a smart thing to do at my age? I love the house but not if it jeopardizes my future and savings. I could go live in Arizona, near my daughter. Thanks for the advice.See the full content of this document
Extract
Smart Money: ; Other Heirs Might Sell Home at Modest Price
Reader
Via e-mailDEAR READER: Have you discussed this with the other heirs? They might let you buy the ...See the full content of this document
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