Am I doing the right thing?
Hello, I have quite the situation here:
My father is 84, currently living in CA. No Assets, no savings, only $2200/mo SS. He is married but he and the wicked witch of the northeast are not in contact and haven't been in over 7 years.
He has been living in the house of his cousin, who passed away in Jan 2016, as my father was the executor of the estate and is one of the named beneficiaries (~20%) but the other 4 beneficiaries have forced the sale of the house that he has been living in rent free (go figure) since my father moved to CA in Jan 2016. So there's some expectation of money but there's yet another wrinkle.
See a long time ago, my father had a failed investment in commercial real estate and the construction loan never was closed out and eventually he declared bankruptcy and the outstanding balance was 'forgiven', but sadly was not forgiven as part of the bankruptcy proceedings and now that is treated as income by the IRS. So my father has a $400k+ lien from the IRS against him for back taxes on the forgiven loan amount and State is also trying to get $130k for the same reason. He has been trying to get the IRS to expunge that debt due to insolvency but so far, it hasn't happened.
So now, he has no money in the bank but may (who knows based upon the tax situation) receive approximately $70k from the estate and no place to live in CA.
So I'm currently out here getting him ready to vacate the house and the only option for a place to live is to move him in with me in Maryland. Oh, yeah, my situation is also a dumpster fire as I'm currently going thru a divorce.
I love my father and I do not want to see him homeless so this appears to be the only way.
He has some health challenges but is there mentally and has decent mobility but not great due to issues with a hip replacement.
My current house does not have any bedrooms on the ground floor and no way to put one if there was money to do a renovation.
It's just me in the house as my daughter is in her 2nd year of college.
Am I biting off way more than I can chew?
The more I get into this process, the more I'm filled with fear and doubt but I don't see any other option. SSI isn't feasible because he's still married, the estate money is suspect due to the marriage and tax situation, gifting any of the money to me is suspect due to my divorce situation and there aren't any other family members as my sister passed away several years ago.
Filled with doubt