Relocate to a less expensive area

When considering a move to another location, whether local or out-ofstate or even out of country, all of the factors including taxes and property taxes must be considered. There is also stress associated with a move so you need to weigh the options. Also consider property tax rates at your new location. Those who intend to move need to research all the factors including the cost of the move.

Share housing or rent

Shared housing works for some as does moving to an apartment. However, apartment living does have some downside. There is no equity and it is easier to be dispossessed from an apartment than from a house. One consideration in getting a roommate is to know the person well since there are security concerns and instances of abuse.

Here are some other possibilities.

Moving in with children or children moving in with you

Business arrangements with children should definitely be in writing with professional advice and considering all the consequences as a Family Agreement but, with this said, parents often make satisfactory arrangements with their children either paying to add an “in-law suite” to a child’s home or buying properties together.

The written Family Agreement can deal both with estate and family issues and potential Medicaid penalties since rental payment or payment for services without a written agreement can sometimes be considered “gifts” that disqualify parents for Medicaid. So, the important thing to remember is to have the agreement in writing in advance. Sometimes parents pay rent or contribute to household expenses. Sometimes they “hire” their children to pay for services or care. Sometimes their children pay rent to them. Parents might buy an interest in their child’s home or a child buy an interest in theirs.

There are many ways to deal with debt before and during retirement, both within and outside the family. This is where planning ahead can help. Janet Colliton, Esq. is a Certified Elder Law Attorney and limits her practice to elder law, retirement and estate planning, Medicaid, Medicare, life care and special needs at 790 East Market St., Suite 250, West Chester, Pa., 19382, 610-436-6674, colliton@ collitonlaw.com. She is a member of the National Academy of Elder Law Attorneys and, with Jeffrey Jones, CSA, cofounder of Life Transition Services LLC, a service for families with long term care needs. Tune in on Wednesdays at 4 p.m. to radio WCHE 1520, “50+ Planning Ahead,” with Janet Colliton, Colliton Elder Law Associates, and Phil McFadden, Home Instead Senior Care.