Is Mint/YNAB a good fit for elderly retirees, or better to have professional help? My elderly parent lives alone in his home, and while he's been paying bills and such I think he could use some oversight. He isn't the most reliable narrator these days, and I don't want him to screw up his finances. Challenge: I live a couple hours away.
I want to get him to scan incoming paperwork into Dropbox so we can see his inputs and outputs. But I wonder if something like Mint/YNAB would be more helpful.
He has only a few bank accounts, and an annuity, and a IRA, and fixed pension income. He owns his home, but wants to buy a smaller house nearby and have one of his kids live in the current house. I think he can swing the mortgage on his income. But this adds a bit of complexity and I think we should start formally budgeting for it, because he wants to help his grandkids with college and stuff.
Also I'm wondering if a financial/estate advisor would be a good idea to figure out how to properly allow his kid's family to live in his house rent-free, pay for a second home, and help him structure the estate left to the remaining children.
Advice on buying a home for an elderly parent would be helpful too, how to find a sympathetic realtor, dealing with Covid, etc. I'd rather him get an apartment or assisted living, but he hates the idea and there's not much in the area, not hardly any SFHs for rent either. Living in the same neighborhood in a smaller house seems the best option for now.
I want to get him to scan incoming paperwork into Dropbox so we can see his inputs and outputs. But I wonder if something like Mint/YNAB would be more helpful.
He has only a few bank accounts, and an annuity, and a IRA, and fixed pension income. He owns his home, but wants to buy a smaller house nearby and have one of his kids live in the current house. I think he can swing the mortgage on his income. But this adds a bit of complexity and I think we should start formally budgeting for it, because he wants to help his grandkids with college and stuff.
Also I'm wondering if a financial/estate advisor would be a good idea to figure out how to properly allow his kid's family to live in his house rent-free, pay for a second home, and help him structure the estate left to the remaining children.
Advice on buying a home for an elderly parent would be helpful too, how to find a sympathetic realtor, dealing with Covid, etc. I'd rather him get an apartment or assisted living, but he hates the idea and there's not much in the area, not hardly any SFHs for rent either. Living in the same neighborhood in a smaller house seems the best option for now.