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Mortgage Notes and Nursing Home Assets
So I know this situation is probably not unique but also probably not entirely common. I plan to seek help from both a tax professional and a lawyer but figured I would see if anyone on BP has any information or knowledge about it.
So my parents are separated in age by 14 years and my father's health is declining a little more rapidly than expected. He was the one taking care of everything and now I've been approached to by my mother to help run their finances. They have done pretty well with investments and retirement accounts and she would like to keep it growing and reinvest some of it.
We are discussing the option of them writing me a mortgage note for an investment property. Obviously they get to keep their money growing (hopefully with little risk) and I'm able to use their financing to grow my business. Seems like a win win?
But if my father were to go into a home in the next 5-10 years what would happen? Would the note count as part of the assets? Could it essentially become due by me almost immediately? Should I not consider going down this road?
Trying to do as much homework as I can before pursuing anything.