ST. LOUIS, April 16 Financial blog, ChristianPF.com released an article discussing some of the advantages of building a mother-in-law suite (http://www.christianpf.com/mother-in-law-suite-vs-nursing-home/) over traditional nursing home care. Often times it is an adult child who is put in charge of deciding about their parent's elder care. Mother-in-law suites (http://in-lawsuite.com/), are becoming increasingly popular as they often work out as a win-win situation for the child and the parent. The elder can often receive more personalized care from their loved one, while still maintaining independence. The son or daughter can often increase equity in their home, rather than paying for nursing home care.
An excerpt from the article...
First and foremost, the priority should be managing your parent's money well. One never knows the expenses that will be incurred as their health declines, and you want to be able to afford the best care possible for them without jeopardizing your own family's financial security.
The cost of nursing homes varies widely, depending on geographical location and level of care. Some states have an overabundance of nursing care facilities and the fees will be relatively low, while a major metropolitan area with high demand for such facilities will command a higher price. So the annual expense may be $25,000 or it may be $125,000. *The national average is estimated around $70,000.*
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