Reply to FIL divested assets and now has no way to pay for MIL's nursing home care.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What were the details of the sale of their house to BIL? I don’t understand how they sold a house 3 years ago and have less than $50k in savings. Just how far below market price was the sale? Why would elderly people with modest savings think they could give $125,000 away? None of this makes any sense.[/quote]

Ok, these aren't the exact details down to the dollar amount.

FIL inherited the home about 50 years ago. I believe it was mortgaged to 17K in the 1970s.
The house was sold for approximately ~450 in 2021. 
325 was owed on the home. FIL did cash out refi's every few years.
The home was appraised at ~575 (DH and I assumed it would be worth 700K, but we were incorrect)
FIL "gifted" the 125K in equity to BIL and walked away with (roughly) 100K.

FIL spent about 40K on an exterior building on his cabin property, building a workshop for himself. He spent about an extra 10K on various things: diamond earrings for MIL, etc.

FIL gifted the equity to secure a quasi-tenantship in the home, to come/go as he and MIL please to attend her Dr's appointments. FIL never moved out of the home. All of the original belongings, furniture, clothing, and dishes remain. FIL and MIL still occupy the master bedroom. FIL lives there almost full-time now.[/quote]

The original house is not relevant.  Nor is the equity as they bought the house.  What is relevant is how proceeds were spent and since they are married he can keep the house and have some assests.  People here are giving you bad advice.  FIL needs to call your county/state long term care office and get guidance from them.  There is nothing an attorney can do as there is no money to hide.  He may be having cognitive issues as well.[/quote]

+1 though an attorney or elder care financial advisor may be able to rovide guidance on how to manage other debts and access free services. Do not trust the people at the hospital for financial advice! The hospital and nursing homes will try t get a hold of anything they can get. [/quote]

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