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

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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]OP - you said in the original thread that the house sold at or over market value for 632k. The math ain’t mathing.[/quote]

OP here—I know, sorry. The original details given to DH and me were murky, and it's taken some conversations to get clarification on the final numbers. [/quote]

So what are the actual numbers? Because you said you looked it up online.[/quote]

Yeah that's my fault, I was looking at the newest property value and not the actual sale price from 3 years ago.

Here is the breakdown:

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.[/quote]

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