He gave me about $5k for college which was the minimum he was required to give me under the divorce decree. If it comes to that, I have thought about returning $5k plus inflation.

quote:
You should have this convo w/your spouse as well: how much help does he/she anticipate his/her parents will need?

her parents will be ok, my mother is ok. They both have rich parents.

quote:
Is she going to toss him to the curb when he's no longer a gravy train? (I don't mean to offend, I've just seen the youthful wife situation go very wrong, and adult kids can be left to play clean up.)

i wouldn't be surprised if they get divorced. he has hinted that they might do it previously. the only thing is her health is very poor. Smoking for 30 years will do that to.

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Posted by eelsuee

2B+!2B

Member since Oct 2004

4502 posts

Posted on 8/7/14 at 2:46 pm to Hawkeye95

quote:
we already have a really bad relationship.

Would he be more likely to listen to someone else, such as a financial advisor?

Hopefully he isn't being stubborn just to "prove you wrong". Good luck and maybe he stashed away another 100k in the last two years.

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Posted by hungryone

river parishes

Member since Sep 2010

11987 posts

Posted on 8/7/14 at 3:11 pm to eelsuee

What's the worst-case scenario? His health goes south....but he's Medicare eligible, so the big stuff is covered. Let's say he needs a nursing home: $4,500/mo will cover a basic care facility, and his $700K will last nearly a decade. Assuming he has some equity in those houses, he can liquidate and use that cash as well.

Will he be able to sustain his present rate of spending & lifestyle trappings? No, but virtually no one in retirement can. Most will downsize houses, cars, clothes budget, etc.

Perhaps he's truly contemplating divorce and doesn't want to stack up any more cash for the soon-to-be-ex-Mrs.

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Posted by iknowmorethanyou

Paydirt

Member since Jul 2007

6545 posts

Posted on 8/7/14 at 3:18 pm to Hawkeye95

Sounds like he's already begun his Medicaid planning.

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Posted by Zach

Gizmonic Institute

Member since May 2005

112406 posts

Posted on 8/7/14 at 4:01 pm to Hawkeye95

quote:
He has always been bad with money,

This is the key. Habits formed from early life are hard to break. I've known people who made 30K a year and were always in the black; and people who make 200K a year and always struggling with debt.

Aside from the good advice you've gotten on this thread...what do you think caused your dad to live beyond his means? Or not plan for the future? What do you know about his upbringing? That's usually where habits start.

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Posted by hungryone

river parishes

Member since Sep 2010

11987 posts

Posted on 8/7/14 at 4:23 pm to Zach

You might find Jeff Opdyke's book helpful: LINK
It's called Protecting Your Parents' Money. Jeff is an LSU grad & former Reveille editor.

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Posted by Hawkeye95

Member since Dec 2013

20293 posts

Posted on 8/7/14 at 4:30 pm to Zach

quote:
what do you think caused your dad to live beyond his means? Or not plan for the future? What do you know about his upbringing? That's usually where habits start.

Well I don't really believe he ever lived beyond his means, he just didn't save.

His parents were both bad with money. I would imagine that is where it came from. I do know he was bad with money, and then he married my step mother the living troll, and she is horrible with money.

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Posted by Reubaltaich