Thank you. You seem on the right track about my friend’s father’s mindset. Yes, early 80s, was on his second marriage and the new DW was a high consumer/high maintenance type. Apparently, they’d been living beyond even their considerable means for some time, so the DF rolled the dice for one last big win. Instead, he got the devastating margin call and two years later he has dementia and is in a facility, so one wonders if he should have had his hands on the controls at all.
As salt in the wound, DW #2 told my friend last week that she no longer loved DF, was selling their home and would be moving back to Manhattan, essentially abandoning him to his subpar memory ward in NJ., or leaving him to my friend to manage from Minnesota somehow. I don’t see how DW II could legally keep the proceeds from the sale of their residence while her spouse is on Medicaid but my friend thinks the Medicaid laws in NJ are more generous than elsewhere. All kinds of life lessons in this story.
My dear see money-spend money father, of course, took SS at 62, even though I suggested that he wait. Yes, I’ll be glad to help him however we can.
