Preparing: Sell the home to pay for care or?
I am sure at some point, this question has been asked, but I need to know what is advised for the following question.
I have all documents in place, health directives, Will, Power of Attorney.
In the event I lose one parent, and the other survives, and wishes to sell the home, and move into a much researched, independent living/assisted home, would it be wise to sell the home to pay for her rent for the remainder of her life? (I am choosing one parent here, just as an example), or would it be best to wait until she passes to save the siblings the taxes they would be subject to, if the home were to be sold prior?
Anyone deal with this before? If the home were not sold, how would we come up with the money to pay for her rental, as I understand Medicare doesn't pay beyond a nursing home, should a loved one end up in independent or assisted living?
Will the dear government intrude or care if there are assets, when our parents are on Social Security and Medicare? Does this effect their benefits? I do need to know this. I know with Welfare, such as AFDC, you cannot own a home and collect benefits. Any help would be appreciated, from those of you that have gone thru this before. I am in California, if it makes any difference.
We want to avoid problems and liens.