4.6 • 682 Ratings
🗓️ 10 December 2023
⏱️ 8 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:06.5 | Mike joins us in Washington, D.C. up next, Mike. Welcome to the show. |
0:10.6 | Hey, guys. Thanks. I hope you're doing well today. Absolutely. What's going on with you? |
0:15.3 | I have an 88-year-old mother who's getting ready to run out of money. It's like really run out of money. |
0:21.2 | But let me give you a background here. |
0:23.0 | My dad passed away 15 years ago, and he left her the 15-acre property that they were |
0:29.0 | living in. |
0:30.2 | And she stayed there. |
0:32.2 | The house is now, let's say, neglected, certainly dated, needs some work. |
0:36.3 | It's about 45 minutes away from me and where my brother live. |
0:39.3 | But in 2020, she had a little issue. |
0:41.7 | She's been having some medical issues. |
0:43.1 | She nearly burned the house down, had some issues like that. |
0:46.5 | So my brother and his wife convinced her to live in a nearby retirement home. |
0:51.2 | And I wasn't included in that process. |
0:53.3 | She didn't want to move, but she agreed. And she's |
0:55.8 | been there since August of 2021 and been paying the mortgage on the house, and she's been paying |
1:02.6 | for the retirement home. And that's a better burn rate of about $10,000 a month. I don't know |
1:09.3 | all of her finances. I ask her questions and she gets irritated. My brother's |
1:14.5 | kind of handling that, but without a power of attorney or anything, I basically have to steal |
1:19.5 | some of her mail and look at it, figure out. And what I got down to is that in her family |
1:24.0 | trust, all the money my dad left and her parents left her and everything. There's about $3,000 in cash left in that and about maybe $30,000 in stocks. |
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