Expanding Your Homestead For Extended Family.

[Jim Costa]

Expanding Your Homestead For Extended Family.

I can hear you now after tightening your sphincter muscle and saying “What the hell is he talking about now!”

Just listen a minute. It is May, 2024. I feel the world is going to change radically to the good side soon, and as a result, older folks will receive a large settlement for damages done to your life by scoundrels. If you suddenly became wealthy, what would you choose to do differently.

I think most would just stay where you are, unless medical issues are concerning you about being alone, right?
Many older folks fear being the last one home and facing a nursing home. We would prefer family.

Now consider this. Over the last 50 years we have been enticed to splinter our families leaving us all to fend for ourselves. This was done to us intentionally. But suppose we can now reverse that. Would we consider it? What are the pros and cons of it? Could we still control the land? Why would some of the kids come here? ‘bout other family and friends?

Let’s start with the kids first. If I am right and preparations are paid, and suddenly your bank loans are zeroed out and you are sitting on cash with no bills, wouldn’t that be great?
But know this, younger folks would get lesser reparations, some none at all.

Because of the collapsed economy that will have to be rebuilt, a lot of folks will have to find new jobs.
Therefore, this might be a good time for some kids to move back closer to family and restart there, right?
Then again this might apply to extended family and close friends.

So all I am suggesting is you might want to give it a thought while waiting to see what develops in the next six months.

This would be a good thread to think out loud on the matter.

Possible conversations are:

Leases and contracts;

Zoning laws and around them;

Shared costs;

Pros and cons;

Wills and Estate Planning;

Co-ownership or not?

Eviction if necessary;

Community Meals?

Future Assisted Living;

Who gets the big house?

You Name It _____?______

 

[zoomzoom]

I'm not sure I understand exactly what you're saying. Things like "I feel the world is going to change radically to the good side soon, and as a result, older folks will receive a large settlement for damages done to your life by scoundrels."

In general, are you asking if we're willing and able to take family members in our house if needed for age, health or financial reasons (hardships of family members)?

If so, yes, I'm willing and able. I have plenty of space for everyone and the means to support them as needed. I'm currently housing a mentally disabled senior relative and both my kids 20-something kids, one of which is a student, the other just started a career but doesn't have the financial means to move out. Having the kids around is also handy to get things done that are too hard for the Mrs and I to do at our age.

 

[Jim Costa]

In general, are you asking if we're willing and able to take family members in our house if needed for age, health or financial reasons (hardships of family members)?

Yes, that is what I am suggesting. But also if you are wealthy you might finance your offspring in starting their own business. You could even chip in an help in activity. This might be a new passion of life.
You may not need assistance now but as you grow older it's nice to have family near.
They could be on your property or within half hour drive.

 

[zoomzoom]

My kids are both in the I/T field. Not experienced enough yet to start their own business (either as software or system developers or as consultants).
I "could" help them in the future as I've started 3 businesses in my career, 2 of which were I/T consulting. I retired years ago (at a relatively young age) but not sure if I really want to go back to work. I enjoy retirement too much.

 

[Morgan101]

We are actually quite settled, and not going anywhere. We are comfortably retired, and additional funds would make us more so. We built this house 30+ years ago, and I swore after we moved in that the next move somebody would have to carry me out in a box.

Daughter lives on the East coast and has no intention of ever coming back. She is happily married with three children and quite comfortable in her world. Son still lives with us, and always will. When we are gone, he will live with his sister.

We did some significant work with an elder lawyer a few years ago to put everything in place when we pass, and we were very happy with how it all turned out. Good Lord willing and the Creek don't rise we are ready for whatever Life throws at us. We won't change anything unless we are forced to.

Not sure if that answers the question, but hope it helps.

 

[Tirediron]

Are we talking about the nesara/ gesara scams or perhaps the currency revalue scams,
Hot tip as long as politicians roam the earth none of that stuff is going to happen,
So did I just break my own "rule"?? Any internet action should be done in the same manner as face to face, be a decent person, learn to not get butt hurt if someone disagrees with you idea or concept. And actually read the whole post before you respond with your better idea.

 

[Amish Heart]

We have plenty of room for our kids and land for extended family. They know that they're welcome here, and I'd welcome the help. There's so much more that could be done on our property with more hands.