Continued from Part 1. The story continues. If you missed part 1, link is here.
Another expensive hobby was selling and buying multiple homes. My stepfather wanted out of that country club because he didn’t want to associate with the drunks he’d had served drinks for years. After they finally sold her two houses, they chose a smaller house. The minute they moved in, my Mom decided it was too small. So they bought a bigger house, but my stepfather wasn’t happy with it because it was too big. They did this dance all the years of their marriage – he’d maneuver her into a house and she’d no sooner moved in than decided it was too small. They moved at least once a year, not staying anywhere long enough to build up equity and paying out a fortune in realtor fees and closing and moving costs.
My Mom was the general partner and we three children were limited partners in the family trust. The items in the trust started disappearing. She’d sell them or sign them over to my youngest brother who kept bullying her to do so. He didn’t want to wait for his inheritance.
She died 10 years after my father. Her only asset was a medium sized house in Sun City, Las Vegas and about $250,000 in cash. Upon her death, her will specified that this be put into a trust to pay my stepfather’s living expenses for the rest of his life. He lived for another 4 years and went through most of the money between his living expenses and health problems.
When he died, the house was sold and we were given $30,000 each. So I guess my advice to the newly widowed who inherit is don’t do anything financially that you don’t understand and don’t let your kids decide your financial matters no matter how intelligent or insistent they are. My Mom was very much a man’s woman. She had adored her Dad and my father and was very susceptible to any advice or suggestions or desires of her sons.
Part 3 and final part link is here.