Due to my personal credit, I need an investor buyer for a house I have found. How do I find out the ramifications for my elderly uncle should he buy the house as investment property for me - how will that affect his elegibility with Medicare should he have to go to a retirement/nursing home? Do I need legal or CPA advice? I am really a babe in the woods here, so any advice about the direction I need to go will be appreciated!
jbee,
My layman’s understanding is that Medicare qualification procedures take into account all assets owned so I would think this may be a bad move based on the limited information provided.
I would think with proper guidance there would be a way to get this done without jeopardizing your uncle’s situation. If I knew where the rules were, I’d point you to them.
Even if someone responds with experience in this situation, it will still be wise to get good counsel. After you do, please report back as I’d like to know the workaround for this. Thanks.