free rent in exchange for services
My elderly parents want me to live in their home free of charge in exchange for taking care of them and maintaining the property. Can a 10 year lease be drawn up for this? Would you recommend going another route? And why?
Asked on 10/06/07, 10:00 pm
1 Answer from Attorneys
Mark S. Moroknek
Kelly & Curtis, PLLC.
Re: free rent in exchange for services
It is more complex than that because of the new Medicare regulations. Before your parents will be able to have their bills paid by the government they may have to divest themselves of income over a certain dollar amount. One of the ways tis is done when there is a house involved is transferring the title to children, while retaining a life estate.
Your question misses the point that rent in exchange for services is not free.
Answered on 10/07/07, 3:04 pm
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