Do 70+ year olds own most of the property? I don’t know the proportion of property owned by 70 year olds. You could be right.
My personal experience is that people are transitioning to assisted living around that time. Also by keeping the property owned instead of allowing it to be moved to a trust, that has inheritance tax implications, and it also is going to require the property to be sold and that money all spent before medicaid will cover a nursing home.
It’s complicated and interacts with a number of other things going on, which is why I’m struggling to understand all the implications.
Do 70+ year olds own most of the property? I don’t know the proportion of property owned by 70 year olds. You could be right.
My personal experience is that people are transitioning to assisted living around that time. Also by keeping the property owned instead of allowing it to be moved to a trust, that has inheritance tax implications, and it also is going to require the property to be sold and that money all spent before medicaid will cover a nursing home.
It’s complicated and interacts with a number of other things going on, which is why I’m struggling to understand all the implications.