Roommates may be an option beyond college.
The "cost of living" can be expensive for anyone.
Whether you are young and paying off college debt or older adding health care costs, you may be looking for ways to save money.
According to a recent The Mercury article titled “Do shared living arrangements make sense?,” shared living arrangements may be an viable cost-saving option.
Throughout history, generations of families have lived together.
When Gretchen and I lived in Germany, this was the norm among our neighbors.
If you need to save on expenses, shared living space can be a good choice.
Do not commit blindly.
Discuss household expectations, financial issues, and estate planning needs.
Not every family will enter into the same arrangement.
Some parents may choose to buy a home with their adult children.
Often this is easier and more cost effective than retrofitting a current home to fit the needs of an aging parent.
Be careful when it comes to "titling" property, too.
Work with an experienced estate planning attorney to determine what is best given the laws in your state.
For other families, it is simpler to have an aging parent simply move in with an adult child.
If you do this, make sure to have written agreement on the parent helping with monthly expenses.
You should also include payment for any alterations made to the home for the aging parent.
Having these in writing will be helpful should the parent need to apply for Medicaid.
A third option is for an adult child to move in with the aging parent.
An adult child can buy into the home as a joint tenant with right of survivorship.
Work with an experienced elder law attorney to determine what options are best for your circumstances, especially when it comes to Medicaid, real estate ownership, and estate planning issues.
Reference: The Mercury (August 28, 2019) “Do shared living arrangements make sense?”