When entering into an elder parent(s) – adult child shared living arrangement, financial considerations are usually paramount. Perhaps the adult child and their family will provide for all necessary accommodations without compensation and without any monetary contribution on the part of the parent(s); or possibly there will be a lump sum contribution by the parent(s) toward renovations to expand the child’s existing residence or to purchase a new joint residence, along with monthly contributions by the parent(s) for food, cable, internet, or other shared essentials. In any event, as mentioned in yesterday’s blog, the individual rights and security of the parent(s), and the impact of the parent-child living arrangement on the parent’s potential need for long-term care Medical Assistance must be primary considerations before any such transaction is finalized. Along those lines, it is possible for the parent(s) to purchase a life estate interest in the child’s residence, and thereby legally secure their right to live in the property forever, with only a twelve (12) month look-forward period (not sixty (60)) for Medicaid transfer penalty purposes.
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