I've seen similar questions being asked before (I intended to link them here but can't seem to find any of them now) but I thought I'd just go at it again since my father has some special circumstances.
So here are the facts, I'll try to keep it brief:
- My grandmother died last year leaving behind an inheritance that was split equally between her kids, and a large home that nobody except my father wants to live in due to its rural location.
- The house is in a trust with all children's names. There was talk of selling but the town is dying, there is no market, and it is filled with asbestos so it seems like my dad staying there is likely a solid option.
- My father, while I love him, is terrible with money, and this is the first time he has had... anything.
So what he has now, and wants to figure out what to do with is:
- $70k cash inheritance
- Social Security of about $1k/month
- Rejected for SSDI, but honestly not able to work. Even if he could, he is unable to get a driver's license (on account of the drink) and lives way out in the country
- ~$500/month utilities, and ~$1000/month in living expenses. Maintenance and major expenses are to be covered by the trust/siblings equally.
- Major health issues. 5 fused discs, heart disease, love of nothing but bacon and budweiser, etc.
My father is being super practical about the situation and open to ideas. I suggested he push back harder for SSDI since he legitimately can't work but I guess he failed to contribute to something-or-other and isn't even eligible. He also thinks everything will be eaten up by his healthcare costs if he doesn't "get rid of" the money somehow.
He guesses he's live another 15 years "if he's unlucky", and wants to make the money last as long as possible. In his health, he's guessing that in 10 years, he'd probably need to be in a home.
His mother had placed all of her liquid assets in a trust in the kids' names to avoid paying everything to a nursing home (which was a smart move, in hindsight) and he wants to do the same thing.
However, personally, I'm a bit worried to have anything in my name as I have some delinquent debt myself (apple doesn't far fall from the tree).
He currently has all of his cash in a money-market account. Is that the best move? Or should it be in a trust that pays him a salary to get by? Ideally, he wouldn't be able to EASILY access all of his cash at any time, as he has admitted that he has a big heart and horrible decision-making abilities.
I apologize if this was poorly written, but appreciate any help. Thanks for your time.
Submitted March 22, 2018 at 09:06AM by rumple_skillskin http://ift.tt/2pwwXYx
