Wish my siblings and me luck, our first sit down as a team, with our parents.
Tomorrow my siblings and I have a meeting with our parents to discuss their future financial plans. My brother created a detailed spread sheet of income and losses for their business and properties. As it stands their costs exceed their income by $76,000 over the coming year. Our folks are under the illusion that they are going back to work and believe they can "hold out" until then. That is not going to happen with the severity of their health issues. Already they have had one foreclosure threat because they are 6 months in arrears in condo fees for their retail space. They have a stash of silver coins that they are selling off for cash to buy food and pay a minimum of bills and keep turning to us to supplement them. Meanwhile they are sitting on more than $500,000 in assets that they own outright (aside from their home). Despite the crushing overhead they refuse to liquidate because they say the property will be worth even more in a few years. Maybe so, but they will be bankrupt by then. We are also going to bring a list of elder finance lawyers that Elder Services provided to us. We are hoping they will be open to having a professional help them to put together a sound financial plan so they can make the most of their assets and be able to provide for themselves.
There are many other issues we need to address, the dangers of them living in their house without some serious modifications, driving issues and more but we don't want to overwhelm them to the point of their shutting down so for now we will just work on the financial disaster at hand. Besides it will take money to fix some of the other problems.
I am not terribly hopeful that our folks will be amenable to our suggestions. They are secretive and paranoid even of us, but we need to try. I just hope we are able to keep the meeting calm. Mom has always been mentally unstable and prone to fits of rage. Dad simply shuts off and smolders when he does not like what is being said. Please wish us the best tomorrow.