Tax policy incentivizes selling capital assets upon death, rather than while alive.
And if one can live at home rather than assisted living, that's often preferred anyway.
IMHO, the heirs and executor should endeavor to either sell the home quickly or arrange so that only one person inherits it. Group ownership typically devolves into trouble. Although sometimes there's griping about future value changes even though the split was equitable at the time of distribution.
I'd also add creating a Trust is relatively easy and the elderly can continue living their life as they normally do. The Trust will then own the house, assets, etc., with distribution instructions included.
In support of the point above, after having to arrange housing and care for elderly relatives in that stage of life, I found assisted living significantly more expensive vs. paying a care agency to have someone live at home in the United States. You get the added bonus of more accountability of a standard of care and ensuring loved ones are being taken care of. Talking to the assisted living facility, it sounded like most of their residents were using insurance.
>I found assisted living significantly more expensive vs. paying a care agency to have someone live at home in the United States.
It really depends on the level of care necessary.
>Talking to the assisted living facility, it sounded like most of their residents were using insurance.
A lot of them don't really take insurance, but they will encourage the residents to spend all their money and then get on Medicaid/Medicare to have the government pay for everything. There is private nursing home insurance but most people don't have it because it's ungodly expensive, especially when purchased when you're already fairly old.
Great points, and devil is in the details. Insurance in this case was Medicare Advantage. In hindsight, Medicare Supplement Insurance (Medigap) would've been the better way to go for that situation and what I have loved ones using now.
And if one can live at home rather than assisted living, that's often preferred anyway.
IMHO, the heirs and executor should endeavor to either sell the home quickly or arrange so that only one person inherits it. Group ownership typically devolves into trouble. Although sometimes there's griping about future value changes even though the split was equitable at the time of distribution.