Neither you nor your spouse living in your residence – Summary
This strategy will be greatly improved the longer you can plan for it in advance. Sometimes just confronting this possibility as a reality is an enormous challenge, but there is no question but that the longer you can consider all the moving parts of this emerging situation, the better your response can be.
This is often the most-fumbled aspect of the family long-term care experience, and it is totally unnecessary. No matter how little time you have, it will be sufficient so long as you are able to give it the attention it deserves. And that is the difficult part.
Failure here will mark a significant failure in the future evaluation of just how this episode was handled, so it deserves attention far beyond the strictly financial aspects. So, take a close look at this possibility as early as possible, and use all the time you’re allowed to collect and evaluate alternative responses.
You’ll recognize the factors in play, and you’ll be able to consult. Do not allow the wrong voices to have undue influence. The unwelcome consequences of bad outcomes on this front can last a long time, into future generations even. So, make this an important project.