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A current or prospective resident does not have any liquid assets but owns a home. What can I do to make sure we get paid?

This is one of the most common questions that I get from my clients who own Assisted Living Facilities.

Once upon a time, in a real estate market long, long ago, individuals would list his or her home and upon the sale, move into an assisted living facility, meeting all of the often stringent requirements. Now, with the escalating costs of senior care, prospective residents and their families wait until the last moment before deciding whether and where to move mom and dad. Frequently, this decision coincides with the decision to list the home and the fact that they cannot wait for the proceeds from the real estate closing to move into an assisted living facility.

On December 8, 2011, the Assembly Housing and Local Government Committee overwhelmingly approved bipartisan legislation sponsored by Assemblyman Lou Greenwald, D-Camden, and Republican Leader Alex DeCroce, R-Morris and Passaic, that seeks to extend the expiration date of the “Permit Extension Act of 2008.” Under the current law, the extension is set to expire on December 31, 2012. If approved, the extension would now expire on December 31, 2014.

Recently, I was having lunch with a colleague, who told a story about a client who insisted on inserting language into his Property Settlement Agreement that stated if his wife (who was appointed the primary parent in the Agreement) remarried or cohabitated then custody and parenting time would be immediately revisited. The father’s objective for including this language was to ensure that if a stepparent or significant other became part of his child’s life then the father would continue to have more influence over decisions regarding his child then the stepparent.

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