There are many reasons why a person may want their home to stay in the family after they have passed away or are no longer able to use it themselves. For example, they may want their spouse or another family member to not have to worry about where they are going to live or how they are going to afford housing. Also, a family home can carry a lot of memories with it, so a person may have a desire to pass on such a home to future generations of their family to help with preserving these memories and to give these generations the opportunity to enjoy to home and its connection to family tradition.
So, among the things a person might be worried about as they get older is the possibility of having to sell a family home in order to meet big expenses that come up for them in their elderly years. One type of cost that seniors sometimes face that can get very high are expenses for long-term care. So, possible future long-term care needs are among the things that could raise home-related concerns for seniors.
An important thing to note is that big long-term care costs do not necessarily have to lead to a family having to give up a cherished home. With proper advanced planning, there may be ways for a senior to properly address such costs and keep the home protected and in the family. So, if keeping a home in the family is a big goal a senior has, they should consider incorporating this goal into their overall long-term care planning.
As this discussion underscores, solid and well-tailored long-term care planning can be important for a range of different goals regarding the future a person has. Elder law attorneys skilled in long-term care planning can help seniors understand what potential impacts future long-term care costs could have on their various goals, inform them of what trusts and other mechanisms are available for long-term care planning and give them guidance on what particular long-term care planning mechanisms might best be able to help them protect their goals in the event big long-term care costs come up in the future.
Source: The Boston Globe, “Seniors have more options than selling their home,” Marjorie Youngren, Aug. 20, 2016