Ask Terry Questions Alzheimers diagnosis requires new plans

Alzheimers diagnosis requires new plans

By Terry Savage on January 24, 2024 | Financial Planning / Retirement

Here is my scenario…husband starting with alzeimers, told by realators to sell home due to high mortgage, take whatever profit we are able to get from home as we owe $250,000 and use money to relocate to cheaper state, or rent. We have no savings, we live on our social security and pensions each month, but our mortgage payment is paid by one pension alone.
I ‘m 73 husband is 81 yrs. old. So many different opinions given we are totally overwhelmed.
I would appreciate your comments. Thank you.

Terry Says

Gosh, I wish you would talk to a financial planner –a fiduciary who you can trust. This is a huge decision. And there are so many factors.
It does seem wise to sell your house, as costs will rise — insurance and property taxes.

But where you should go is an entirely different decision. You might move into a senior community that can provide care for him. But a lot depends on the cash you get out of the house –and whether it is so much that Medicaid will not cover his care costs. If not, you could use up all your assets on his care, leaving nothing for you. And his pension will stop when he dies (unless you get a smaller pension) so we have to think about you.

Well, this is a tough one. Tell you what–I’ll send you an email and you can write back and give me more details and your phone number. Maybe I can find a trusted planner to help you.

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