OPERATION CHRISTMAS CHILD 2012

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Financial Update: A New Beginning

Where do I start? Most of you know that thee has been a lot of things going on in my family life for the last 18 months or so. We ( my husband and myself) were on again and off again caregivers for my parents.

 
 

During that time period I willingly gave up two full time jobs to take care of mom and or dad. My husband and I moved in and lived with them for months at a time to help mom take care of dad. After we lost dad in December 2012, mom decided to move in with us and because of health related complications she too passed away in May of this year.

So you see, within the span of the last 6-7 months we lost both my parents. Hard for me to even comprehend sometimes. Needless to say, our whole family was stressed out but still trying to keep our normal lives going amongst all the chaos.

 

When mom passed, I discovered that mom had both a substantial savings account and retirement account. Mom was a very private person and even has her only child she did not share those aspects of her life with me. Initially, I could not wrap my brain around the numbers involved. And I definitely could not decide what to do with the money.... At least not at first. Okay.... Maybe not even now.

 

After consulting with Mom's financial planner, my probate lawyer and my CPA, there has been progress with moving some of the money around. Here is what we accomplished so far:

 

  • PRIMARY MORTGAGE : 97,8000.00 PAID OFF!


  • CREDIT CARD DEBT : 10,500.00. (Includes funeral expenses). PAID OFF!

 

This is a huge blessing for me and my husband. No doubt about it!! What happens next?? We still have to go through probate to gain access to the accounts that are in mom's name only. Probate is not cheap, but I guess it is a necessary part of the process. After successfully completing probate, mom's mortgage free home will be in my name. Her other as acing accounts will be in my name. I then will be able to also gain access to her safety deposit box.

 

With the funds that are remaining, we will be able to put away 6 months salary. I cannot tell you how much piece of mind that will provide for my husband and myself. We also will be able to replace my husband's 16 year old truck and my 13 year old car.


Along with all of the above, we will benefit yearly from mom's IRA. Every year, I am required to take a RMD,required minimum disbursement. Again, that is hard for be to comprehend, but I guess each day it becomes easier and easier.


What debt will we have left? We still will have the rental house mortgage of 89,000.00. That will be paid off in 10 years, if not sooner. We are planning to rent out mom's house within the next year and we will apply that money to the rental mortgage to speed things up.


I will continue working my three days a week at the mobile ultrasound job. I do not plan to work my other part time job this semester. I need a mental break from that and I still need to go through mom's belongings.

 

So what happens next? We will wait on probate, but in the mean time we will drive our same old vehicles, work or jobs, save our "extra" money and maybe plan a trip to somewhere, San Francisco or Vegas. Who knows!!?

 

For now, that is where we stand. I feel blessed beyond belief!

 

 

 

8 comments:

Lisa Richardson said...

I know how you feel. I went through something similar when my dad's cousin died and left me her assets. Paying off my house was something she specifically asked me to do with her some of money (no argument from me... I hated having a mortgage on my primary home). There is a special comfort in knowing your HOME is now safe, regardless of your financial situation. Like you, I feel blessed. It is sad to lose people we care so much about, but I think they likely look down and smile knowing we are able to get some happiness from their gift to us, too. We owe it to them to respect what they worked hard to earn throughout their lives and try to consider THEM when making decisions about their assets and make decisions that they would approve of. And it sounds like you are doing just that! :)

Lisa Richardson said...

Wow what a blessing, but I know you would still rather have parents. My om needs to be cared for but refuses, in fact she just left, so sad. I am happy and sad for you at the same time. Your story has given me such strength. You have been through so much and I admire you.

Lisa Richardson said...

Aww... what a blessing! I'm sure your parents are smiling down at you, happy that they could do this for you!

Lisa Richardson said...

You have a lot to wrap your brain around both good and bad and I know that is hard. You were smart to consult professionals to deal with the money situation because there are so many laws out there that can trip you up. Good luck.

Lisa Richardson said...

Wow-what an amazing gift your mother left you. Well deserved, after the care you provided your parents I'd say. My parents struggled to wrap their heads around the money my Nana left them when she passed, so I think your feelings are very normal. Sounds like you did some amazing things with the money.

Lisa Richardson said...

Wow, a true blessing indeed. What a wonderful gift your parents left you, and you seem to be doing all the right things. A paid for home? Nirvana.

Lisa Richardson said...

Oh what a blessing from your parents Lisa.

Lisa Richardson said...

I am glad to know you're doing the right thing - consulting professionals and spending the money on good stuff. I'm sure your parents, especially your mom, are very proud of you.

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