You Have A Variety Of Options For Mom's House
(CAPE COD) If you have the responsibilty of taking care of your Mom's affairs, particularly dealing with her house on Cape Cod, you have a number of options, depending on your Mom's situation and yours. Only one option involves selling your Mom's Cape Cod real estate.
One factor is critical in exercising your options - the amount of estate planning done regarding your Mom's property and finances. If your Mom's health deteriorates rapidly, and she needs to go into an assisted living or extended care skilled nursing facility, ie a 'nursing home' and nothing has been done to protect the estate, your options may be limited by the 'look back' provisions of Medicare or other State and Federal programs that will probably finance such a long term stay.
Even if no planning has been done, there are certain techniques that can be used to 'spend down' the estate, but the specifics are beyond the scope of the materials offered on this site - you should consult with an elder law attorney or estate planner as soon as possible to avoid potentially expensive mistakes.
Based on the assumption that you have discretion on what to do with Mom's house, some of the options available would be;
Each of these options has it's advantages and disadvantages, and some are more suitable for your particular situation. No matter which option you select there are professionals who can help.
Dealing with your parent's property is generally a once or twice in a lifetime event, and it can involve substantial sums. The quality of relationships with siblings and other relatives involved may be permanantly affected, often in very negative ways. There is nothing sadder than a family torn apart by the actions of one sibling, who was just doing the best they could under very difficult circumstances.
The option you choose for the property should be planned in advance, discussed by and agreed to by all parties involved. This is rarely the case, however, and often critical decisions must be made under extreme pressure. The purpose of this site is to point out the considerations you should make and hopefully help you to connect to professionals who can assist you.
Again, a few of your options;