I'll try to keep this short.
Mom is incarcerated for bank larceny/tax evasion. The quarter million stolen was not used to pay off their mortgage or any other major expenses that we can find. She apparently gambled it away or blew it on excursions and outlandish and unnecessary gifts to herself and others.(Yes, we've always questioned how things were afforded despite their substantial combined income, but my mother was also very deceptive, manipulative, and for the majority of our lives very frugal and knew how to get the very best deals on just about ANYTHING! Dad has been getting visits from the sheriff as they have been serving her papers for lawsuits from creditors, financial institutions, and other outlets so either way mom is screwed.)
Dad is left in financial ruins as, unbeknownst to him, mom was not paying utilities, property/township/or school taxes (she was a CPA and tax pro who literally handled every aspect of their finances, so he had no reason to question until now), and other miscellaneous bills and expenses.
Dad now owes 3500 in property/Township/school tax from 2015, as well as 2016 taxes. He's been approved for a payment plan for remaining fed taxes for 2015, so he has that coming out of his paycheck every week.
Our goal is to help him financially and emotionally. (We're talking about a man who has literally never been on his own or alone in his ENTIRE life. High-school sweethearts married at 18 and 19, kids house, the whole 9 yards)
I'm looking for advice on how to set up a budget for my father, my fiancé, myself, and our 2 children living under one roof.
The home we currently live in is a 14×80 mobile home which I paid off in 2015. All of my father's vehicles are paid for, and one of our vehicles are paid for. Without some maintenance I know I will never get what I paid for it.
To really mix things up, my fiancé and I have recently started our own business. We have paid for our equipment and trailer in full. And eliminated nearly 15,000 in overhead/start up costs.
I am not currently working as we have a 12yo and an 8mo, so my only income until the business starts to generate revenue is the monthly child support I receive from my older child's biological father.
Dad makes about 35-45k a year, fiancé will make about the same this year with his recent job and expedited promotion.
Any formulations/spread sheets/advice on how to go about all of this would be so appreciated. As title says, we want to be as fair as possible with this so as not to take advantage but still be able to set something back for fear that we will need to move again when mom gets out in 2 years. (We refuse to live with her due to her severe mental instability, and dad refuses to let her return to the home but that's another story...)
Thanks for reading!
Submitted April 08, 2017 at 03:05PM by laceyinthewoods http://ift.tt/2oaW29z
