Good evening.
My mother is currently in the hospital due to acute pancreatitis and has developed an infection. I’m seeking some financial advice. Here’s the background.
My mom is from Missouri and bought her family farm after my great-grandfather’s passing. It is 59 acres.
She has lived and worked in Mississippi for about 2 years.
She is still married on paper to my dad but they have been separated for years.
She has about $80k left on the farm loan. Additionally, she has about 40-55k in credit card debt and car loans.
We have received an offer for $4750 an acre (280k).
She will not be able to work for a little bit (we don’t know how long).
She could draw about $3200 on Social Security disability.
I have been thinking that she could sell the farm and gift me the money. Then, she could file for bankruptcy on the remainder of her loans. Whatever is left on her loans, I would pay it off. Then, we could invest the remainder of her money into retirements accounts like 401ks.
What do you think?
Submitted December 16, 2020 at 09:58PM by qualite_superieure https://ift.tt/3nsMdBI
