Senior for life care agreements typically offer to put up a substantial sum of money in return for which one child or more will take care of the parent for the rest of his or her life. It is a very well-intentioned concept particularly in times of these escalating real estate prices but I have seen far too many of these senior for life care agreements explode in everyone’s face basically.
Let me give you an example. Some years ago a client put his entire life savings into a house that was registered in the names of his son and his wife. The father was to live in the basement suite which he did for four years until his son died. His son’s untimely death and because the property was registered in joint tenancy meant that the surviving widow became the sole registered owner of the property. She promptly evicted the father and he ultimately lost most of his money. He wasn’t protected. He did not have a life estate registered against the property. No one sought legal advice and this is the type of hardship that can endure. So please be careful and don’t enter into these Seniors for Life Care agreements.