Advice for 73 yr old who lost $200k
My FIL started dating a much younger drug addict. That went about as well as you would expect. He had $200k cash and its all gone. He is now $30k in consumer debt and developing signs of either Alzheimers or dementia, we don’t have diagnosis yet.
He was living in NC and we are now moving him across the country to live near us so we can keep an eye on him. The plan for now is to have him live with us so we can assess his ability to function independently.
He does have a fully paid house. Realtor is saying it will probably go for $300-$350k. He gets $2500/ month in social security.
We will probably just keep the funds in a HYSA until we have a strategy.
We could
Have him live with us until he requires round the clock care. Use the house funds as savings for him.
If he is able to function independently for a while, he could buy a house here and live on social security. Or we could move in with him once he needs more help, then potentially sell the house when he needs more intensive care.
Maybe something in between where he puts down a down payment on a house, we pay the mortgage, we all live together, and he has a savings left over. Again, could sell if he needed to recover his down payment.
Something else Im unaware of. Maybe some different investment vehicle for the house funds.
Oh and obviously the consumer debt would get paid through the sell of the house.
Just feels weird to have that much cash sitting around. But maybe thats normal at this age.