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Empty House Future Beneficiary Nursing Home Eventual Probate of Will Medicare Pay Down POA Buy /sell house 1st trust deed balloon note before passing

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ralphsaptre

New member
Can anybody tell me whats the best course of action? My 92 year old uncle never married no children has will leaving house to me and cash reserves to many others . Currently in nursing home spending down bank accounts before he can go on medicare. House is vacant 3 years now deteriorating with no one in it. House is not modernized not up to code unsafe to rent. My cousin is power of attorney because he lives close by. House is only worth less than 80k. Still has funds to cover nursing home for about 3 more years. UNcle is semi brain dead 55% paralayzed right side from stroke in nursing home and is spoon fed otherwise very healthy. Since house is vacant Id like to take possession of it and rebuild it but realize medicare would eventually consume it if he outlives his cash and his POA requests unlce sam to pay for his care. Im willing to pay Fair Market Value today for it but uncle told me prior to stroke when he had capacity to wait as his intention was that he wanted me to receive it without having to pay for it since I deeded it to him 20 years ago as a gift and a place for him to live and that he probably would die without exhausting his cash reserves and i would receive it without having to pay for it. Today he is lingering in a nursing home pretty much brain dead while the house is deteriorating. His POA doesnt know what to do other than to wait for him to die. Isnt there someway I can legally buy it today without paying for it to see if he outlives his cash or not with say a 1st trust deed on it that would be erased if I inherited it free and clear anyway or if his care exceeds his cash on hand then a balloon note limited to the fair market value on the date his POA deeded it to me charging no interest due and payable only if medicare comes a calling in about 3 years from now? Not willing to take on a housing project make improvements and my uncles care exceed his cash on hand and then watch medicare take all my hard work and investments away from me.. plus the original house as well...would want the purchase price somehow limited to only the fair market value at time of deed after getting an appraisal. He lives in a state that has a 5 year look back rule for medicare.
 


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