Stories From Our Clients

An Elder's Financial Crisis

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Agnes, Age 90, Was Running Out of Money

Agnes called us for advice about how to deal with her daughters and their husbands. She had a husband who was in a nursing home. She wanted to remain in her own home, but had used up her equity in the home and did not have enough income or savings to stay and pay her expenses. At 90, she was very sharp, although getting frail physically. Her family members were in disagreement about what to do for Agnes. One daughter offered to move in with her. She had a husband and a disabled teenage son. Another daughter resisted this idea. It made her jealous and she felt displaced, since she spent a lot of time with Agnes.

Sound Tax Advice Helped Solve the Problem

Agnes had a consultation with us. We suggested getting tax advice about the home from a trusted colleague of ours, who is an attorney and accountant.  Agnes took this advice and with the attorney, figured out a way to change the title of her home so that her adult children could become part owners, and she could then get income from their paying each month on her mortgage. 

We then had a family meeting with all of the members present. We had encouraged Agnes ahead of time to tell all of them what she wanted. Each of them voiced their concerns. In the course of the meeting, we allowed every person to have a voice, and we helped them reach a decision. It was decided that the daughter who had offered to move in would do so, and her sister could visit as often as she liked.

Great Relief!

In the end, Agnes was greatly relieved. All family members left the meeting and went out for dinner together. Agnes called the next day to say how grateful she was and that finally, "everyone is on the same page". She was happy to be able to find a way to remain in her own home, with her daughter, son-in-law and grandson all under the same roof.