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Life After Brown
Advice Needed
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 933314" data-attributes="member: 12570"><p>Klein, I would be willing to bet that I am far more prepared for this than you are at this point. I have a long term care insurance policy in place, my will has been drawn and my end of life wishes established, my final requests (bake and shake) are already bought and paid for.</p><p></p><p>The home would be theirs to do with as they wish. They would be the landlord and I would be the tenant. I will not be living with them--that is the last thing either of us would want. I will only be 58 when I retire. I want to move from where I am now as there really is not that much to do here. I want to be close to them and any grandchildren that may eventually come. My son has already said that he will be moving after graduation this fall.</p><p></p><p>My first thought is that I would take the proceeds from the sale of my condo and simply apply it to their mortgage and, if there are no tax issues for either of us, this is what I would probably do. I know that doing this will help them immensely by paying down their mortgage and allowing them to focus on their principal residence.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 933314, member: 12570"] Klein, I would be willing to bet that I am far more prepared for this than you are at this point. I have a long term care insurance policy in place, my will has been drawn and my end of life wishes established, my final requests (bake and shake) are already bought and paid for. The home would be theirs to do with as they wish. They would be the landlord and I would be the tenant. I will not be living with them--that is the last thing either of us would want. I will only be 58 when I retire. I want to move from where I am now as there really is not that much to do here. I want to be close to them and any grandchildren that may eventually come. My son has already said that he will be moving after graduation this fall. My first thought is that I would take the proceeds from the sale of my condo and simply apply it to their mortgage and, if there are no tax issues for either of us, this is what I would probably do. I know that doing this will help them immensely by paying down their mortgage and allowing them to focus on their principal residence. [/QUOTE]
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