Would love some support and advice. My 70 year old mom retired two years ago with $100K in 401K, social security, and mortgaged house, and a car payment. Her social secuirty does not cover all her expenses and I just found out she went through her 401K trading options. I'm working towards opening up the dialogue with her about what level of help she needs to survive every month. Her plan right now is to get a job, which seems unlikely because of her age and limited skill set.
Have you been in this situation, and if so how did you handle it? Were your parents willing to let you help before they were in real financial trouble (car repo, foreclosure, etc.)
Right now my best idea is to take over her mortgage payments and frame the idea for her as us buying her house as an 'investment.' My husband and I just started investing in real estate, so she might be able to buy that BS. This will insure she has a place to live, and we will have her name us as owner's once she passes (living trust most likely).
Helping her financially is going to be a burden on our family and hinder our financial goals. I'm not surprised by this situation, but I am incredibly frustrated at how this will set our family back in our goals.
Thanks for any advice.
Submitted August 31, 2017 at 03:13AM by all4change http://ift.tt/2xOTSjk
