When I say portfolio, I mean funds not including the amount the home is worth.
He has about $400,000 that is basically liquid it conservative stocks (he uses T. Rowe Price). I am not sure how much he pulls out and I am not sure what he gets for Social Security. He did have a pension - but I think it was from an old job and he ended up taking the money as a lump sum because he wasn't happy about how it was managed...and he says that it was apparently a very good decision. So, basically, he would be giving the $48,000 from the worth of the home. The house would go for around $280,000 and he would give each of us (4 couples) $48,000. Rather than have him "gift" the $18,000...he said he would just discount the house from $300,000 - around $280,000.
SO...he would have around $400,000 in his portfolio (I really need to check and see how accurate that is) plus about $88,000 from the sale of the home (After giving each couple $48,000).
My sister in Atlanta would like to go in with him on the home in Hilton Head Island...and she does not want her portion of the $50,000 upfront (investing it in the home instead)...but that is a whole other subject area and I have no idea what is happening with that.
Does that make it even more confusing? Haha! Either way - he feels like his home is up for grabs for any of us to buy...and that if any of my siblings wanted to buy the home with the $20,000 discount, we could...and I am the one that has come up to bat.
I guess it really depends on family situations too. I know that money can change families and make things ugly though - so I am not going to be ignorant about that.
I will have to have a serious talk with him about his finances as well. I also want to talk to my millionaire sister in Georgia...I know that she would love for him to move in with her eventually (she has a 5,000 + square foot home)...my brother in law is all for that, too.
Thank you for your suggestions. I will speak with him about the reality of it all.
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