As we age, our needs change. Although some of those needs get to be greater, i.e. medical, dental, vision, auditory, some of those needs diminish. Generally, the older folks get the less they need big houses, large yards, lots of cleaning and maintenance. It is not necessarily that seniors can’t afford more property, it is rather that they simply no longer have a need for “more” property.
Since a home is usually the largest repository of net equity held in a relationship, careful planning about a retirement home is always in order. Between limits on the value of non-countable homesteads, and the specter of Medicaid Estate Recovery, anyone who isn’t the holder of a sufficient Long Term Care policy should pay special attention to planning for the ultimate disposition of their last homestead.
Elder Law Attorneys are, by definition, Estate Planners, and they are your best resource for helping to handle your last homestead.