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[quote=Anonymous][quote=Anonymous]Hi! OP here - wanted to respond before I get totally consumed in the caucus results. So the inheritance story is VERY complicated and the real evildoer is my father's brother (the co-executor) who stole a bunch of money that my father was counting on. So we were happy to sign over the property bc we wanted to help and as 20somethings we were happy to wash our hands of the expenses, taxes, etc. We also at the time had no idea how bad other aspects of their finances were. A lot of it boils down to my dad having expected a large inheritance that didn't end up existing courtesy of his brother who died at 71 without ever having held down a job. Bad financial decisions are in the DNA, it seems!).Anyway! My parents are not scheming or bad people, just... hopeless. I have always assumed they would sell the house and live off the proceeds but I thought it would be best to hold onto the property for as long as possible so they could have a larger nest egg - and maybe be too old to waste the money in dumb ways. I don't want them to end up in a Medicaid nursing home but I know there are worse fates :/. So maybe selling both and renting a small place is the best bet. DCUM always knows whats up!

And the Dave Ramsay advice is great - thanks. That's exactly the kind of Finance for Dummies thing I was looking for.[/quote]

I think that Dave would want to see your parents in a paid off house.  Whether they stay in their current home or downsize into something easier for them to maintain, they should have a paid off mortgage.  The rest of the money would be invested fairly conservatively to provide them income in their retirement.  Your parents need to talk to a reputable financial advisor and they need to get their estate planning into place.  Your parents sound like good people who are a bit financially clueless.  Hang in there and be patient with them.  It'll all work out.[/quote]

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