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Reply to "When you discover your parents are broke"
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[quote=Anonymous]In-laws have a history of poor financial decisions. When times were good, they spent their money. Now they are 70 and, surprise! We just found out FIL has years of back taxes he owes, and has no savings. They have a little retirement, and they both still work PT. I believe my FIL owes $100K +. My husband has a brother, and they all do have a good relationship. But the FIL is very proud, and has kept everyone (including my MIL) out of the loop for this for years. My husband is curious to know what is going on, and has a slight concern for his father’s mental state, but is now also concerned for his mother who claims she has been ignorant to this entire thing and feels betrayed, confused, etc. (There are lots of layers to this entire thing.) Details aside... what is your BTDT advice, and what was a success when you found yourself aware of a major family financial explosion like this? This is not just about finances / bills / repayment plans, etc but also concern for emotional well being, pride (who will he agree to talk to about this?), concern for my MIL and whatever nest egg she expected. To further illustrate their level of planning: neither of them has a will. Thanks for reading. [/quote]
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