How do I do the right thing to manage our money?

If you ever need Medicaid, a second house is not allowed. You may have to sell it eventually anyway. You will need to sell at market value if u see Medicaid in your future. I would offer it to your son. If he can't afford to purchase it than thats it. He must understand this is to keep his Dad in a nice place.

Time for the son to make new memories elsewhere. What it boils down to it is only a thing that the son can't take with him when he passes. Sell it.

I am sitting at our family cottage as I write this. It has been in the family for over 70 years. I understand the attachment to a place, especially once where childhood memories were formed.

It is time to sit down with all the kids and explain clearly and without emotion, that you need the funds selling the cottage would bring to care for Dad.

You could give the kids first dibs on buying it at market price less perhaps 10% to cover what you would lose in selling costs using a realtor.

Be clear that keeping the cottage is not an option. If the kids want one last summer, tell them they have to pay for the property tax, insurance and Dad’s memory care fees through Sept. as that is money out of your pocket that would have been covered by the sale.
It may open their eyes to what it is costing you for their holidays.

Ps, my brother and I are paying to keep our cottage in the family.

LuvRLabs, unfortunately Life is not fair. Stuff happens. Sometimes we need to be selfish. I know what it’s like to go through money with lightning speed. Because of my own hubby’s health concerns, we no longer have a retirement fund, life insurance, any savings or assets and have had to join a debt relief program.

When I was young, we spent summers at our neighbor’s cottage on a lake in Pennsylvania. It was a fantastic way to grow up. However,when the neighbors both passed, the cottage was sold. I was very sad, but I survived. Sometimes we need to be a little selfish. Would your son put his own happiness over his dad’s care and well-being? If he loves the area, perhaps renting a cabin or an RV would work if he still wants to go. Selling the cabin to free up money for his dad’s care isn’t the end of the world for your son. He’s an adult and needs to realize you have priorities. Your financial advisor has told you to sell the cabin. Explain to your son that this is the way it must be and you wish it wasn’t so, but it just is.

Your son is an adult, yes? And he understands that his father's medical needs must be paid for by your joint resources, yes?

Talk to your kids, all of them, about the financial realities that you and the dad are facing. Can they jointly afford to buy the cabin at market value?

(Is your financial advisor someone who understands Medicaid regs and gets that, as the community spouse, you should not be impoverishing yourself?)

Is your son spending time at the cabin because be knows his time there has a "sell by" date?

I'm sorry that you are in such turmoil over this issue. Talk to your son and other children. I'm sure you'll feel better.