This way:
Your father gives away $192,000 to his kids/spouses and gets $280,000 back if you buy the house (don't forget you don't really know where your fiance will be working, etc.). $400K - $192K = $208K + $280K = $488K
If your father just sells the house:
Let's be conservative and assume he can only get $260K for it after paying realtor fees, etc.
His current portfolio = $400K + $260K = $660K
I know which one I would recommend to him. He could live another 25 years and that money has to last him.
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