Planning for elder issues - best ideas/advice

[Mrtenant]

This really becomes complicated when I begin to consider what happens to shares in this organization upon the passing of residents. Their shares will, unless otherwise provided for, pass into their estates, and then what?

I think that all goes in the language of the managing trust. I would imagine those shares could be purchased by a new resident that the board can agree upon, thereby providing an equitable amount of funds towards that person's estate as well as possible contribution to the general fund. Each member can decide how they want to deal with that. What if one wants shares to go to their estate and another wants to donate it all to the community? That has to be attended to before entry to the community.

 

[twister947]

I read an article this week about some condominium owners in Texas who were being forced to sell their units against their will, because a majority of the owners had chosen to sell (to Oracle in this case). Now I know this is not a condominium but I can see it having some application to what you propose, depending of course on local laws. It appears to be something that needs to be anticipated.

 

[Britva415]

I read an article this week about some condominium owners in Texas who were being forced to sell their units against their will, because a majority of the owners had chosen to sell (to Oracle in this case). Now I know this is not a condominium but I can see it having some application to what you propose, depending of course on local laws. It appears to be something that needs to be anticipated.

This exact thing is happening to my wife's uncle, who is a one-third inheritor of his parents' (my wife's mother's parents') property. He wants to keep it, my wife's mother and her cousin who has inherited the other third both want out of this three-way partnership.

They're not willing to simply wait and get their value out of it at some future time when he or his family become willing to sell. That's unlikely because he has five kids who will probably each be left a fifth of his one-third share. The problems with this shared ownership will get worse, not better.

They spent more than a year giving the uncle a way to buy them out, and he messed it up, possibly on purpose. He has certainly introduced many stalling tactics. So now, another year later, they're going to court to force him to allow the property to be sold, with proceeds split three ways, the end.

So yeah, he's being forced to sell against his will, partly because he hasn't been able to get any of his five adult kids to contribute to a buyout or get a mortgage by himself. But he has spent decades unfairly asserting his huge family's dominance over usage of this desirable property (a house on a beach). He demands that the other partners each kick in a third of the liabilities like tax payments and maintenance costs and efforts, and insists that he and his own huge family use the property way more than one-third of the time, and that's why the other owners want out.

Granted, it isn't anyone's primary residence.

 

[Lady2020]

This idea has occurred to me recently.

 

[Deadbed1968]

I have a lifetime of working in primary care and have had to navigate locating appropriate elder care for a half dozen relatives and have watched so many families struggle through this incredibly common need.

With all of this experience, I am beginning to think about how to have the most control possible and the best path to an option that would cover all of the usual needs in a non traditional way... face it, the options available are adequate at best and there are lots of compromises in them.

Have you see an option that you can imagine being happy in when you have such needs?
Have you seen people create/preplan an option outside of the typical options?
If cost were essentially not a problem, what would you want?

I have this idea... and it seems like someone must have done this already...
to purchase or build what I want for myself, join with 5-10 other people/couples who have similar values, funds and lack offspring that could be counted upon and create a small community of housing for elderly/dementia needs. Have a central gathering place that provides meals and common spaces for fitness, creativity, culture. Hire a chef, but have kitchen space enough to do for yourself if you are able and want. Hire a business administrator to handle business stuff and bills. Contract with a physician to be medical director and hire whatever other care staff might be needed. All independent of any larger organization.

Anyone ever hear of such a set up?
Inquiring minds want to know

Yes, my Mom lives at an Erickson retirement community. They follow that very model.

https://www.ericksonseniorliving.com/

They are not inexpensive, but they are soup to nuts!

 

[LittleSwitchy]

People can look into setting up a living will. A living will states what to do/ not do. In the case of someone being ill and needing assistance.
Like when my father was put on a heart transplant list. They had him do several things. Like living will, actual will if he passed, DNR paperwork if he so chooses.

 

[cascadiabound]

People can look into setting up a living will. A living will states what to do/ not do. In the case of someone being ill and needing assistance.
Like when my father was put on a heart transplant list. They had him do several things. Like living will, actual will if he passed, DNR paperwork if he so chooses.

Living wills are very important but they do not address living quarters especially during the time when you may need some assistance but are still able to make some decisions and where you are and the community around you are things that you still care about

 

[subdudeme13]

I have a lifetime of working in primary care and have had to navigate locating appropriate elder care for a half dozen relatives and have watched so many families struggle through this incredibly common need.

With all of this experience, I am beginning to think about how to have the most control possible and the best path to an option that would cover all of the usual needs in a non traditional way... face it, the options available are adequate at best and there are lots of compromises in them.

Have you see an option that you can imagine being happy in when you have such needs?
Have you seen people create/preplan an option outside of the typical options?
If cost were essentially not a problem, what would you want?

I have this idea... and it seems like someone must have done this already...
to purchase or build what I want for myself, join with 5-10 other people/couples who have similar values, funds and lack offspring that could be counted upon and create a small community of housing for elderly/dementia needs. Have a central gathering place that provides meals and common spaces for fitness, creativity, culture. Hire a chef, but have kitchen space enough to do for yourself if you are able and want. Hire a business administrator to handle business stuff and bills. Contract with a physician to be medical director and hire whatever other care staff might be needed. All independent of any larger organization.

Anyone ever hear of such a set up?
Inquiring minds want to know

I have not heard of anything like this but similar ideas have come to mine. Especially as I am looking down that road now. I have gone thru it with grand parents and my dad. My grandfather was in tears at the idea but it worked great for my father. I would encourage you to pursue your idea.