Hi,
Looking for some advice regarding my Dad's finances (or lack of). It's hard to summarise in brief but I will try...
My parents divorced around 17 years ago and my Dad has just sold his house. Unfortunately he had to accept a much lower amount for it because it needed a lot of work doing and due to his limited finances he wasn't able to keep the house in the best condition. After the sale of his house I think he will only have approx. £40k left as he has debts to pay and a reasonable sum to pay my Mum as part of their divorce settlement.
He works for himself in the pharmaceutical research industry (it's his own business) but he doesn't have a regular income which I fear is low to non existent at the moment.
He is 64 and lives with his partner so I think that is providing some stability at the moment but I do have concerns for his future. As far as I'm aware he only has one very small pension from a previous employer as he has worked for himself for the last 20-30 years. I don't know what arrangement he has with his partner, which is a fairly recent relationship, but I'm concerned about what will happen if this doesn't work out.
My main question is what would be the best thing for him to do to improve his long term financial security given the value of his assets?
Any guidance or suggestions of external support would be much appreciated.
Thanks :)
Submitted May 28, 2019 at 04:06PM by tt16175 http://bit.ly/2YS1Rtt
