hi-I am hopeful to have a reasoned answer to this perplexing issue– My parents are 80 and have a home in Scottsdale az– valued at around 250k–possibly owing 60k
the issue is our family etc is here in Chicago and they are staying at various famlily members homes for thenext few months and that is stressing out my mom and the family– he seemingly cant make a decision.
my thought–sell AZ and buy a townhome here and rent a nice place in AZ for 4 to 5 mos a year– he says that is not a good idea -wasting money renting– my bro n law who has wealth offered to buy the az property at a bit below market value and then rent it back to him. My dad thought a bad deal — I am perplexed— any thought
Terry Says: OK, I hope you understand this is definitely NOT a financial question, even though money is involved. Your entire family needs to get together with your parents, plus perhaps an elder law attorney (www.NAELA.org — the national association of elder law attorneys), to discuss the REAL issues.
It seems your parents don’t want to stay in Arizona over the summer. I guess it would be too hot — and I don’t blame them. But the siblings, their children, need to see if they can reasonably work out a situation for Mom/Dad to stay with several of them for a few weeks each over the summer. If that’s impossible, due to space, etc then you need to tell your parents they will have to make other summer arrangements — either stay in Arizona, or rent a place (could you find a good deal near you) in Chicago for two or three months each year, or perhaps do what others in that area do and find a rental in a cooler nearby place like Flagstaff.
Tell your parents they are not “wasting” their money doing this. Instead they are spending what would have been your inheritance –= with your blessing!