DIYbanter - View Single Post

wrote:
One advantage to your plan that no one has really talked about is the
possibility that your parents might need nursing home care at some
point and might need to qualify for assistance. Having the home owned
by someone else eliminates that as being counted as an asset, provided
it is done early enough, and not in direct anticipation of the event.
But as you realize, there are clear negatives to that as well.

I just got off the phone with my tax guy and he said exactly the same
thing. Other plusses are when I go to visit them (I'm in MN) the trip
is deductable. Since I would visit anyway, being able to deduct the
trip expenses makes it even sweeter.

I am interested in any negatives people can come up with on this plan,
though. Of buying it and renting it to them.