Ask Terry Questions Proceeds From Home Sale

Proceeds From Home Sale

By Terry Savage on April 01, 2024 | Financial Planning / Retirement

Hello Terry!

My elderly father recently moved back to Illinois after living out of state for twenty-three years.

He has been caregiving for his wife of 18 years for over a decade on his own. Last year he fell ill and was hospitalized for months. His stepdaughter put his wife in a home. With many health issues and no one to care for him he moved back to Chicago so we can help him.

The house was put up for sale and has a closing date of April 16th. He and his wife will split the proceeds. His stepdaughter has threatened to sue him and divorce him on behalf of her mother in order to get the proceeds from the house, his pension and 401k.

My father and his wife love one another. They would never divorce but since his stepdaughter made herself Power of Attorney on all matters (my father has been until he got sick last year).
Our family feels she is going to follow through on her threats.

Can you suggest where my father best put the proceeds of the home (pension too if that is even possible) to protect himself? His stepson said she is broke and has been going through his mother’s savings since my dad has been sick.

I enjoy seeing you on WGN. I appreciate your good and straight forward advice.

Best Regards,

Terry Says

That’s a terrible story. And the outcome depends on how the accounts/home/other assets are titled. You need to consult an expert in elder law immediately.
My recommendation is Kerry Peck, whom you’ve undoubtedly heard on WGN radio. His number is 312-201-0900. Use my name with his assistant to get through to him quickly. You can trust his advice completely. Don’t delay!!

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