![]() Most seniors must downsize significantly to adjust to smaller assisted living quarters. This could include wages, pensions, investment dividends, income from rental property, business income, annuities, judgments in their favor, and entitlements like Social Security. While an “asset” looks at the value of a business or investment, “income streams” are how much money your parents actually pocket from their assets or other sources. These include balances due on credit cards, insurance premiums, car loans, business loans, business expenses, judgments against them, alimony or child support, and any other payables. ![]() “Liabilities” are anything that takes money out of their pockets. These might include real estate investments, stock portfolios, or other business holdings. “Assets” are anything of value that might put money into your parents’ pockets. Check the value of any automobiles, motorcycles, or boats your parents might on on kbb.com or. What do your parents own that retains value? Consider electronics, artwork, antiques, collections like silver or china or comic books, anything that could interest a niche buyer. PRO TIP: If the house is in the coverage zone of the real estate website, it has the most accurate, up-to-the-minute data of recent home sales for your CMA. You can do your own CMA by checking the “sold” listings on or. A professional appraisal or REALTOR® comparative market analysis (CMA) can give you a more accurate picture. You can start with aggregated estimates like Zillow’s “Zestimate” or the county appraiser’s assessment. Check the payoff balance on any existing mortgages or home equity lines of credit. If your parents own their house, figure out how much equity they have. ![]() This can determine what the next steps should be, including what assisted living community to select or your budget for hiring movers. This is a perfect time for a check-in with Mom and Dad’s money situation. Review FinancesĪ move to assisted living means expenses and a change in your parents’ overall financial picture. Consider which tasks you might hire out, including appraisals, movers, REALTORs®, and estate sale liquidators. You may be busy some tasks may be unsafe for a senior citizen to attempt. Many tasks on the checklist could benefit from a professional touch. Consider time and job constraints, physical ability, cognitive capacity, and the assignee’s talent for the task. Assign Responsibilitiesįigure out which items on the checklist will be your responsibility, which tasks your parents can take on themselves, which tasks other friends or loved ones can help with. Don’t try to skin this whole cat in one week! Successful moves to assisted living spread out over weeks or even months. PRO TIP: The more lead time you give yourself, the better. Defining expectations could entail the following sub-steps: Set Deadlinesįor every item further down the assisted living checklist-from checking finances, to shopping facilities, to arranging the move-agree on a date by which it will be done. Take the time to define expectations and get everyone on the same page-you, your parents, every helper, everyone whom the move touches. ![]() Organize Family Members to Select KeepsakesĪs any competitive rower will tell you, the ride is only smooth when everyone pulls in the same direction.Here is True Legacy Homes’ Ultimate Assisted Living Checklist:ĥ. We’ve seen every mistake in the book, and we’re here to help you avoid them. Your mom or dad may feel ambivalent about the whole idea of moving into assisted living, switching well-loved routines for new, unknown ones. The house may be in desperate need of repairs before it will sell. Your parents may have a whole house full of stuff to get rid of, including cherished belongings they don’t want to part with. So it’s time for Mom and Dad to move into assisted living…and the to-do list can start to look intimidating.
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