Your Aging Parents’ House: Asset, Burden, or Both?

A compassionate guide from The Lansky Law Firm

For many families, the “family home” is far more than a structure. It is memory-soaked real estate: pencil marks on the doorframe, backyard wiffle ball games, holiday gatherings, and the familiar squeak on the stairs that no one ever fixed.

But when aging parents begin to decline, that same home becomes something entirely different: an asset, a responsibility, and sometimes a source of conflict. With Baby

Boomers aging rapidly, the “silver tsunami” is no longer a prediction but a present reality. Families across Tennessee and beyond are trying to navigate what to do with aging parents’ homes, and the decisions are rarely simple.

The Lansky Law Firm supports families through these complex choices, helping them balance legal, financial, and emotional considerations with sensitivity and clarity.

When the Family Home Becomes More Complicated

Sometimes the home is an asset but not always. When viewed strictly as property, several major issues come into play.

Upkeep and Safety Challenges

Even well-maintained homes require ongoing attention:

• Roof repairs

• Plumbing or electrical issues

• Property taxes

• Winterizing and seasonal maintenance

• Home security

• Accessibility concerns such as stairs or icy walkways

For aging parents on a fixed income or adult children trying to manage repairs from a distance these costs and responsibilities can become overwhelming. The Lansky Law Firm often speaks with families who never realized how quickly these concerns pile up.

Market Value vs Real Value

Parents frequently believe their home is worth more than it actually is. Children often discover it is worth less than they expected. And even if the home is valuable, selling it may trigger:

• Capital gains taxes

• Medicaid eligibility issues

• Disagreements among siblings over distribution or sentimental attachments

These surprises are common, and The Lansky Law Firm helps families address them before conflict arises.

Medicaid Planning: The Most Misunderstood Piece

One of the biggest misconceptions in elder law is the belief that a home “doesn’t count” for Medicaid. This is partially true but dangerously incomplete.

Here’s what families often do not realize:

• A home may be exempt while your parent is alive,

• But it can be subject to Medicaid estate recovery after death, which may force the home to be sold.

Additional complications include:

• Transferring the home to children can trigger a Medicaid penalty period if not done strategically

• Sibling disagreements when one child lives in the home and others do not

• The need for proper timing and structure if using a Medicaid Asset Protection Trust

The home is often a parent’s most significant asset and one of the most misunderstood. The Lansky Law Firm helps families protect the home while planning for long-term care.

The Emotional Toll

Beyond the legal and financial concerns, decisions about the family home are deeply emotional.

• Parents may resist leaving a place filled with memories

• Siblings may have different visions for what should happen

• Children may feel guilt or pressure

• Each person carries their own emotional attachment

Sorting out what to do with “Mom and Dad’s home” is rarely just a legal decision. It is a personal one. The Lansky Law Firm approaches these conversations with empathy and practicality, helping families find consensus rather than conflict.

Options for Handling the Family Home

There is no single “right” answer. The Lansky Law Firm works with families to evaluate the best path forward based on health, finances, and family dynamics.

1. Aging in Place with Modifications

Home improvements such as grab bars, ramps, stair lifts, walk-in showers, and home-health aides can allow parents to remain at home longer.

2. Downsizing or Moving to a Safer Environment

A smaller home, condo, or senior living community may provide the perfect blend of independence and support.

3. Transferring the Home into a Trust

A Medicaid Asset Protection Trust, properly structured by The Lansky Law Firm, can protect the home while preserving eligibility for benefits.

4. Selling the Home

This may be the most practical option when the home requires extensive repairs or when proceeds are needed to fund care.

5. Co-Ownership Agreements Among Siblings

If multiple children want to keep the home, a clear agreement prevents disputes later.

Is the Home an Asset or a Burden?

In reality, it is often both.

• For aging parents, the home symbolizes independence and identity.

• For adult children, it may represent responsibility, stress, or guilt.

• For Medicaid planning, it is a major asset that must be handled with care.

The best time to address these issues is before a crisis, before a fall, before a hospitalization, and before emotions turn into conflict.

A thoughtful plan that takes into account finances, Medicaid rules, family dynamics, and the emotional undercurrents is the best way to honor both the memories and the practical realities of the family home. The Lansky Law Firm is here to help families create that plan with clarity and confidence.

Peace of Mind through Preparation.

Visit Us: 6800 Poplar Ave #225, Memphis, TN 38138

Call Us: (901) 767-7006

Learn More: www.lanskylawfirm.com

Take the time to safeguard your family’s future today and move forward with clarity, confidence, and peace of mind.