Venting over 92 yo father's mistakes
For more than 50 years, my father has poured all of his money into commodities and stocks. He churns them, so he has nothing to show for it. Paychecks, inheritance, pension (lump sum), second mortgage, everything. I told him for years that it was the same as gambling, but he didn't listen. He is the prime example of what not to do.
He and my mother divorced in '89 and spent a fortune on lawyers, fighting over money. At the time, I told them both that I was not helping them later if this was how they chose to spend their money. (I was trying to get them to stop fighting.) He and his 2nd wife are now reduced to living on SS and his 7K Navy reserves pension and making minimum payments on the debts. He even forgot to pay his property tax.
This morning, at 9:30, he called to ask if I would pay off the $36K that he owes Bank of America. I said no. Told him I would be glad to sit down with him to look at options like selling the house (his wife wants to move to town). We don't think he will get enough to pay off all the debt, but will decide later if he has to declare bankruptcy.
He has not filed taxes in the last three years (he would not owe anything). I am trying to get him to understand that it would be next to impossible for us to find all the relevant papers and file after he dies. What a mess!
Tomorrow, I will go to his house and get more specific information and try to get him to do his taxes. (He used to do taxes as a side business, so this is not an unreasonable request.)
Aaaargh! Thanks for letting me vent.