My 60 year old father was told yesterday he has 6 months due to stage 4 cancer which is aggressive at this juncture. He has been a small business owner for the last 12 years but prior held a private job and has a 401k with my mom named as beneficiary. Account has around a half million but that’s about all he has in liquid assets. We are going to try to sell stuff off from his business and the business itself is on leased property. They have amassed a lot of debt during my fathers treatment the last year. Medical bills are astronomical and the remaining debts are mostly credit cards and miscellaneous debts. My dad isn’t focused on what happens after he passes and understandably so as he is very depressed but I worry about my mother.
My mother has been a stay at home mom all her life and has no work skills. My youngest sister is still in high school and obviously lives at home with them. I believe the home was paid at one point but they have a home equity credit loan. I just don’t know where to start as far as trying to figure out next steps once he leaves us. I worry about my mother because as I stated she has never worked and she is also 60 now. Can anyone provide me some advice as I am the oldest and will be leaned upon when the time comes. I am hoping my dad will take some necessary steps to plan before he passes but his depression is so bad I am not sure. I do ok financially but I am still relatively young and do t have a bunch of money at my disposal to do very much. I am so overwhelmed and hoping for some advice. Thanks in advance
Submitted December 28, 2018 at 09:15AM by Headlessdesert1 http://bit.ly/2rWKcT7
