Background
My dad is a retired farmer, 76 years old, and financially poor all his life. He’s never been good at managing or budgeting his money. That was typically my mom’s job. She passed away from breast cancer several years back and he hasn’t been the same since. I add this information because he’s leaning on my brother, sister, and I to help him with the sale and management of his assets. The issue is that my brother and sister have completely different ideas as to how to move forward.
We’re weighing options and looking for advice that would accomplish the following:
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Provide some capital for him to enjoy life comfortably, take trips, do things he hasn’t been able to do
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Protect him from people taking advantage of him, i.e. girlfriend, friends, relatives
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Pay off remaining debts
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Provide a stable income given his annual budget
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Investment remaining capital but have access to funds in case he needs them
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Emergency fund for medical
Option 1
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sell the land
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1031 exchange some of the profit to avoid taxes
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The new land exchanged would provide a base income via cash rent along with his social security
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Keep the remainder so my Dad has capital to live comfortably
Option 2
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hire a financial advisor
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sell the land
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pay the tax
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invest a portion of the profit
Submitted April 07, 2017 at 12:49PM by spook_the_herd http://ift.tt/2oJTXoe
