I asked my elderly father to quitclaim his home so I can refinance it — and take out a $200,000 annuity for my sister and me. Is this a good idea?

by | Jan 23, 2024 | Stock Market

Dear Quentin, I am a 56-year-old man living in my family home with my father, 93, who has Type 2 diabetes and a pacemaker and is legally blind. My mom passed away five years ago. He is in good health otherwise, and well taken care of. Because of his blindness, he needs round-the-clock care. My girlfriend of 10 years lives with me, and she helps. We are his caregivers. 

I also have a sister, whom I just set up with an apartment for which people wait years to even get on the waitlist. I was able to get her in based on my connections with the management. She is a spendthrift and has not worked for years, and while living with my father prior to my taking over, she spent thousands of dollars of his money. Last April, my sister racked up $20,000 on our father’s credit cards, and tried to take upwards of $13,000 from his bank account. She wrote two checks — one for $8,000 and one for $5,000. Luckily, the bank did not cash the check for $8,000. What we want is for him to quitclaim his home to me to help my sist …

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[mwai_chat context=”Let’s have a discussion about this article:nnDear Quentin, I am a 56-year-old man living in my family home with my father, 93, who has Type 2 diabetes and a pacemaker and is legally blind. My mom passed away five years ago. He is in good health otherwise, and well taken care of. Because of his blindness, he needs round-the-clock care. My girlfriend of 10 years lives with me, and she helps. We are his caregivers. 

I also have a sister, whom I just set up with an apartment for which people wait years to even get on the waitlist. I was able to get her in based on my connections with the management. She is a spendthrift and has not worked for years, and while living with my father prior to my taking over, she spent thousands of dollars of his money. Last April, my sister racked up $20,000 on our father’s credit cards, and tried to take upwards of $13,000 from his bank account. She wrote two checks — one for $8,000 and one for $5,000. Luckily, the bank did not cash the check for $8,000. What we want is for him to quitclaim his home to me to help my sist …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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