patrick.net
An Antidote to Corporate Media
1,365,025 comments by 15,735 users - KgK one, mell, MolotovCocktail, stfu, SunnyvaleCA online now
Comments 1 - 9 of 48 Next » Last » Search these comments
lostand confused
@
2014 Oct 9, 8:24am
Can't she declare bankruptcy, go on welfare and Medicaid and live happily like the millions of welfare hordes??
Probably, but I know she will always want more and come asking us for more.
Heraclitusstudent
@
2014 Oct 9, 9:10am
Usually you don't inherit debt unless you co-sign the loan, right?
Tell her she'll be in the street unless she takes care of herself.
Agreed,
But F'nay, what a way to ruin a family relationship. Oh well. Guess it was never meant to be.
Heraclitusstudent says
Usually you don't inherit debt unless you co-sign the loan, right?
Tell her she'll be in the street unless she takes care of herself.
She has no plans. That is part of the problem. She is also financially illiterate, so she has no clue what a reverse mortgage is.
Peter P says
Is she planning to get a reverse mortgage?
Free country, you are not obligated to do anything that you don't want to do. Also, she comes across with major sense of entitlement. Time to put sinner in her place. The only ruiner is herself.
Strategist
@
2014 Oct 9, 9:30am
She has no plans. That is part of the problem. She is also financially illiterate, so she has no clue what a reverse mortgage is.
Is she planning to get a reverse mortgage?
You really don't have to do anything at this point. When she runs out of money she will call you, and at that time you can point out the benefits of a reverse mortgage. You also don't have to give her any money even though your kids will probably be grown by then.
Comments 1 - 9 of 48 Next » Last » Search these comments
What is it with some of the baby boomers today?
Need advice.
Mother in law received a lot over her lifetime from her parents. She received a 30% down payment on a home in the 80s from her parents. She received 200k from her parents upon their deaths in 2013. She never had to give them any money.
A few days ago, MIL asks me to take a look and advise her on her finances. I say sure because I know that she is not that good with money (does not know what a Roth IRA is). She pulls out scenarios a payed financial advisor gave her, which i find fishy since she asked me to help her. The scenarios all have her retiring at 65 (she is 63) and show her going into debt at ~75 years old. She is in great health and will likely live to 90 years at least.
I tell her she has to keep on working. She tells me she can't, she has to retire. I tell her, then she has to cut expenses. She tells me she can't, she has to travel. I look down at the paper which says she will be 100k in debt at 80 and she tells me, you guys (wife and I and her sister and husband) are going to have to take care of this. Shocked, I leave the room. Needless to say I do not expect any inheritance money, but I got two kids, I cannot afford to take on her debt burden for her extravagant lifestyle. Either way, shit hits the fan in a few years if she retires and is without money.
What to do.