In a very short amount of time DH's mother will be out of money. Literally. There will be home equity but since the house is not selling at her ridiculous price that won't help much.
A little background.
FIL is in nursing home (at gov't expense) since he and MIL blew thru their money at alarming rates over the yrs. A dozen or more vehicles were purchased (8 within a 2-yr period) and then traded at huge loses 'cause FIL didn't like the current flavor and wanted a different one. Three lakehomes were sold completely furnished (no way was he going to move anything including beds and bedding) and money was lost on each and every one. MIL is now trying to sell the last lakehome but there are no buyers whatsoever. (she's finally come down on the price and b**ching about it all the time) And on top of that problem she went and bought a different house and took out a 'bridge' loan that is due in a few months. Hubby and two of his siblings have tried to talk to her about her finances but she just isn't getting it. DH even sat down with her to work out a "budget" but that was of no use. She is spending 2x to 3x their SS benefits each and every month. (we're not sure on what but casinos come to mind thanks to a daughter who likes to take mom out for a good time)
So...now MIL is panicking 'cause "she needs the money" from the sale of her home and is making everyone's life miserable. Of course we won't let her starve (we've decided on grocery store gift cards/no cash) but what else are we obigated to do?
We've lived below our means and saved for yrs in order to afford early retirement and do some things for us. How much of our financial security do we risk to help them out when they wouldn't help themselves for the last 10+ yrs?
I know there are lots of people out there in our position. What have you decided to help with if anything? Where do you draw the line??
Thanks
kz
A little background.
FIL is in nursing home (at gov't expense) since he and MIL blew thru their money at alarming rates over the yrs. A dozen or more vehicles were purchased (8 within a 2-yr period) and then traded at huge loses 'cause FIL didn't like the current flavor and wanted a different one. Three lakehomes were sold completely furnished (no way was he going to move anything including beds and bedding) and money was lost on each and every one. MIL is now trying to sell the last lakehome but there are no buyers whatsoever. (she's finally come down on the price and b**ching about it all the time) And on top of that problem she went and bought a different house and took out a 'bridge' loan that is due in a few months. Hubby and two of his siblings have tried to talk to her about her finances but she just isn't getting it. DH even sat down with her to work out a "budget" but that was of no use. She is spending 2x to 3x their SS benefits each and every month. (we're not sure on what but casinos come to mind thanks to a daughter who likes to take mom out for a good time)
So...now MIL is panicking 'cause "she needs the money" from the sale of her home and is making everyone's life miserable. Of course we won't let her starve (we've decided on grocery store gift cards/no cash) but what else are we obigated to do?
We've lived below our means and saved for yrs in order to afford early retirement and do some things for us. How much of our financial security do we risk to help them out when they wouldn't help themselves for the last 10+ yrs?
I know there are lots of people out there in our position. What have you decided to help with if anything? Where do you draw the line??
Thanks
kz