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Background:
My in-laws own their own cabinet shop. It is their only source of income and, to the best of my knowledge, the only investment they own. I've heard them say things along the lines of "the cabinet shop is the retirement."
Being in a construction-related industry, the 2008 financial crisis was obviously hard on them and resulted in a personal bankruptcy. To my knowledge, they've crawled out of that and the business is now on somewhat positive footing, as far as cabinet shops go.
Last March, my father-in-law had a stroke. His thinking is a little slower and he's gotten a bit more emotional, but for the most part his intellectual capabilities were thankfully spared. Physically, however, he nearly completely lost control of one half of his body and is now confined to a wheelchair.
They are now in the process of selling the cabinet shop and it sounds like they have a serious buyer.
My mother-in-law has not worked in decades and has her own medical issues and is now the sole caretaker for my father-in-law, which makes it near impossible for her to work as well. For reference, my in-laws are both in their late 50s.
My in-laws also live in a split-level house, which for the time being they've outfitted with a mobility chair on the lower set of stairs so my father-in-law can live in the basement. Manuevering him around the house is a challenge for my mother-in-law who I imagine will not be able to do this long-term. They have expressed interest in building a modestly-sized single-level house to move into, and they live in a part of the country where this could probably be done pretty cheaply.
We and my wife's siblings are concerned about their long-term financial situation. My wife is going to visit and is hoping to broach these topics for the first time merely to collect information about their current financial situation, so that if we are going to need to help the news doesn't surprise us. We're hoping for the best but of course these conversations are always difficult. So far we are planning on collecting information about
- All current debts, their interest rates, and their minimum payments
- All savings accounts, emergency funds, retirement funds, if any, and what they're being held in
- What their expenses look like
- How much they expect to net from the sale of the business, whether they are expecting any inheritance from their own parents (one of whom is quite well off), whether they have any other unknown sources of income
- Equity in their current home
- More specific goals regarding the purchase of a more accessible home
- Expected mid-term expenses like further mobility modifications to their own home, new roof, etc
- Health insurance
What else should she ask about? Does this cover the biggest bases? (Powers of attorney and other estate-related matters were already handled earlier this year following the stroke)
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- 4 years ago
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