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Reply to "Helping my hopeless parents plan for retirement"
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[quote=Anonymous]OP here. Just to clarify, I don't view this as a fight. I'm just worried that my sisters and I will suffer (again) if they make more dumb decisions. They aren't totally destitute - they own a very valuable rental property outright, though they struggle to pay the property taxes on that too. My sisters and I were actually left the property by our grandfather but had to sign it over to them bc they needed the rental income more than we did. We understand that they will eventually sell that to live, and it should be fine (it is probably worth $900K). Is it best to sell that now? Later? Should they sell the property where they live (which has a not-huge mortgage but does seem to come with more taxes than they can pay) and move someplace much smaller? Stay where they are as long as they can and sell when they really need some cash? Real questions that don't involve just throwing money they don't have around. I would just like my mother to figure out what she and my father want long term so that they can go into the meeting with some sort of agenda, rather than the "Just tell us what to do" mentality that has steered them into the financial gutter so many times over the years. Oh, and dont worry, she already tried to do the reverse mortgage thing on the rental a few years ago until I intervened (since it was after all ours to begin with). We all know we aren't going to get a penny from this property, btw, but we would like not to go into debt ourselves should they have medical expenses they can't cover later on. I'm worried if they sell it now they will just go on an extravagant trip to Europe and buy new cars and suddenly we'll be back to square one. Oh and to PP, I don't know if I would even want to go into the meeting. I just want *her* to go into it with a bit more knowledge than she has now, just something of a roadmap. [/quote]
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