I am looking for advice on beneficial ways I can help my parents through their current financial crisis.
In brief: My mom has assets from a prior marriage that are sheltered in trusts, etc, in her name. My dad has significant credit card debt that is accruing thousands per month in interest charges. Some of this debt is due to his business, which is cyclical, and some I am sure has arisen to support various indulgences for himself and my mother. My dad has real estate he can sell to cover this debt but one property has sentimental value that he seems to have trouble parting with and the other is jointly owned. He has no other assets or retirement accounts. My mother will provide him no assistance from "her money." My dad becomes very upset if anyone in the family tries to talk to him about his financial problems.
Both parents are in their 60's and I believe the main problem they are both not dealing with is the transition from employment to retirement, including the financial changes that requires.
If everyone in the family stands back and lets the current situation continue as-is, it is likely my dad will have to file for bankruptcy within a year or two. The situation right now is fixable if both my mom and dad work together to scrimp and save and my mom bails him out a little with "her money." My mom is not willing to touch "her money" but still expects my dad to provide income for her to live on.
I don't think it is appropriate to bail out my parents when they have the resources to fix this problem on their own. I would be willing to pay for an appointment for my dad with a fee-only financial planner but I am not sure if this is a good idea or would just make things worse.
Anyone been here before? Thanks!