Four years ago we decided to build a retirement house near DFW and closer to where most of my wifeís friends lived, and closer to medical centers...you know the drill. Unfortunately, our house in East Texas didnít sell quickly and I spent nearly a year traveling back and forth maintaining the landscape and keeping everything nice for Realtor showings. We finally had to resort to a for sale by owner situation, and the first people quickly trashed everything and then left with rent and utility payments two months behind. I spent the next month living there while making repairs, after which we entered into another sales contract. So here we are two years later, and now we have to evict the buyers for being four months behind in payments. Merry Christmas! They were good people, but continuing low oil prices have decimated his income.
So once again I have a long-distance repair-job waiting, me getting too old to go through all that again and to top it off, in the same area, my wifeís ninety-three year old stepmother has had to move to assisted living, and the house my wife and her sister inherited is now sitting empty and needing work. Legally the house is the stepmother's until she dies, which we thought would happen several years ago, but now it sits and we have yet another financial albatross hanging around our necks. We canít move her stuff out, and she canít handle the normal household expenses. Guess who gets all the bills? The solution?...hire an attorney and a property manager, and maybe a contractor to fix it up. We already had one of those flippers and wholesale buyers look at it and he offered $40k below assessed value...if we can get control.
So why am I posting a financial thread?Only to suggest that people do everything they can to resolve potential financial issues associated with property and inheritance while they are young enough to handle the mental and physical demands that come with them.
Now we have a couple of weeks to decide if it would be more beneficial to pay the property taxes this year, or next. Then there is my wifeís inherited IRA thatís been sitting in a low risk managed investment account thatís losing money because itís been in cash for two years due to the tenuous stock market. So, should we take it out and pay the resulting income tax while we have all that property tax and losses to offset some of it? With the international financial world threatening a digital dollar, where do you put cash to protect it from a government bail-in?
We seriously need to simplify our lives as Iím no longer capable of running everything that needs running! My old brain and my old body need to relax, enjoy my old Plymouth, and spend more time with the old dog.
Okay, I know you want to tell me the same thing they did in the Air Force...."Go see the chaplain and get your 'Tough Shit' card punched!"