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Is It Better to Rent or Buy After Selling Our Family Home?
My wife and I would like to sell our large single-family home and move into a rental community. Would it make more sense to purchase another less expensive replacement home to "protect" assets rather than just sell our present home and bank the money?
The choice that is best for you will depend on your needs and the laws of your state. If you decide to rent and one of you enters a nursing home and you don’t have long-term care insurance, you will have to spend down your assets until the spouse in the nursing home qualifies for Medicaid. For information about Medicaid’s asset rules click here. If you buy a new house and end up applying for Medicaid, the house would likely not be counted as an asset, but the state may be able to put a lien on the home. For information on how Medicaid treats a home, click here and here. We strongly recommend that you consult with an elder law attorney in your state to find out the best course of action for you to take. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys.