Background: My parents are 56. Dad is disabled, can't work, receiving SS. Mom works minimum wage in CA. They've rented same house for ~20 years because they've never had savings for a down payment. They have about ~$25k in credit card debt from poor decisions and from living off of credit cards when jobs were lost. No retirement saved, no 401k. They have lived off ~$20-35k/year for the past several years.
My grandfather passed away and they are expected to receive $300-400k as an inheritance. This is coming as a surprise to them. I'm 25 and I'm one of the only ones somewhat educated on personal finance. If you were in my position, what would you advise? If you were in their opinion, what would you do? They respect my opinion and I'd love to educate them/put them through some sort of makeshift workshop on what to do next.
EDIT: Do you think a situation like this calls for a financial advisor?
Submitted November 05, 2018 at 12:44AM by FlakyNet https://ift.tt/2OqG1rv
