My dad died very unexpectedly a few months ago. He had a very small retirement account, he was diagnosed with brain cancer in his late 20s and had been disabled since. The account total was only $30k and I received half.
My step mother announced she plans to retire next year, with a grand total of $60k in savings. That includes the $15k from my dad. She makes around $80k right now, but her job is physically demanding and she is having a difficult time. She called her financial planner who very strongly advised against it, but she is dead set on it. He told her to have at least 6 months living expenses in savings.
She has two children, one is involved, but lives far away and not financially able to help her, one lives pretty close but is mostly absent, and could help her, but probably won't.
I honestly have no idea what to tell her, and I'm afraid I will be stuck picking the ball up.
She has tons of very expensive toys that she pays on monthly, she's also a big fan of "90" days same as cash. She will buy something more expensive or something she doesn't need because she has 90 days to pay it off. They refinanced frequently so there's no equity in the house, there's still a large mortgage, and it would be nearly impossible for her to move at this point and lower her payment. The area she lives in is already rock bottom and she would be making a lateral move to any other home.
I have offered to take over things that my father had a loan on to ease her monthly burden and she either refused or wanted more than what it was worth.
Do I need to protect myself in this situation? I'm not sure how financially responsible I will be for this mess and would appreciate any input. I could theoretically help, but I'm in my mid 20's and I honestly don't want to at this point. Our relationship has turned sour after my father's death, due to things like trying to upcharge me on buying my father's items. She asked double the value for things he had recently purchased that I could purchase new for 1/2 price.
She is very excited about her $60k and doesn't realize she's in a terrible situation. Anything I say about it falls on deaf ears, and I'm done trying to help her see the light. I live in a state with filial laws and I'm not sure that would apply to me since she is not my actual mother. Any sight into my financial responsibility would be appreciated.
Thanks.
Submitted June 08, 2021 at 06:47AM by Silverrainn https://ift.tt/3iuNRD5
