Follow
Share

There are the expenses of caring for a home. As executor of the estate I live in another State and cannot get there very often. Can I rent out the house for the cost of these expenses. Then the home will not have to sit empty and someone will be there to prevent vandalism.

This question has been closed for answers. Ask a New Question.
Yes on renting it but there could be issues with how it affects your parents assets.

You can use your DPOA to do this. I would suggest you speak with a Realtor and do the rental is through a larger real estate group that also does property management. And get one that is good on getting background and credit run on the renters with deposits. What is especially good is that they have support services (plumber, electrician, etc) on call and on retainer for their properties. It will cost you a deduction from the rental but cost less than you getting a 2:43 AM phone call that shower is flooding the bathroom & then your time to find the plumber the next day.

Now are your parents private pay at the NH?
If so, then whatever they receive in rental payment can be used however needed for their care or their property. BUT if they are on Medicaid or you think they will need to apply for Medicaid in the future, this could be a big a whole sticky problem in the future......from everything from if the rental amount increases their monthly income enough to make them ineligible for Medicaid, to dealing with possibly be disqualified until the house is sold. Alot of this depends on their state's Medicaid rules.

Just out of curiosity, why keep the house?
Helpful Answer (0)
Report

Do you have their Power of Attorney for Property? If so, I would think you could. But how will you make sure the people are taking care of it? Do you have anyone local who can oversee interviewing rental candidates and keeping an eye on the property? You still need someone to do that. And will you leave your parents' furniture or store it somewhere (also costs money)? Still lots of questions to answer. But I don't see anything wrong with renting it out, as long as you have the POA to do it.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Subscribe to
Our Newsletter