Pretty unbelievable, really. They get a free house and tax bills from decades ago. The whole thing is made to screw over future generations, and act like it’s all hunky dory.
Because we don’t have universal healthcare, we have this weird scenario where long-term care is provided by Medicare for 90 days, tops, add further care requires that you private pay and then transition to Medicaid when your assets are depleted. Everyone’s costs go up, how’s the nursing homes have to continue, have to accept the lower Medicaid reimbursement.
On the other side of the equation, many people find themselves in a situation where they’re stuck in a house that’s too big, but they’re afraid of the capital gains tax they may owe.
I’m of the age where I’ve lost my parents, and most of my friends have parents who are struggling with health issues, and the other things that come with aging. I live in an urban neighborhood that has a lot of people aging in place… I find it tragic and sad because a lot of these folks find themselves in not great circumstances. because they feel forced to hang onto a property that they can’t maintain and is depreciating around them.