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Updated almost 6 years ago on . Most recent reply

estate planning, inheriting a primary residence vs rental
I have a family member who recently had an accident leaving them in need of long term, full time, medical care. I've been exploring options on how pay for this expense and renting out their home seems to be a good financial option at this time. If the home becomes a rental how will that affect the eventual heirs?
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Originally posted by @Maria D'Aura:
I have a family member who recently had an accident leaving them in need of long term, full time, medical care. I've been exploring options on how pay for this expense and renting out their home seems to be a good financial option at this time. If the home becomes a rental how will that affect the eventual heirs?
The activity of the asset will not impact the inheritance.
I think your concern here should be a depletion of the asset. Do you think the asset might be used up to pay or sustain his/her life.
Does the patient have living will, Durable power of attorney, and such basic estate planning document ?
- Ashish Acharya
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