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Hello All,
I'm a bit concerned for my parents and here is why. I have a 95 year old grandmother who is tough as nails! God bless her, she's like the energizer bunny. Its my fathers mother and he has one other sybling, my uncle. My mother has worked miracles trying to keep her (my grandmother) comfortably living in her own house with 24 hour home health car. Unfortunately the numbers were no longer working out, we had to sell her house and move poor ol' gram to an assisted living place. A tough descision but one that was made for us.

The next piece of the puzzle is this. My father is an engineer and therefore likes to do everything on his own, likes to figure things out. I am also an engineer and have the same natural instincts (but I know my limitations). For this reason I think he is a bit more reluctant to actively seak out profession estate planning help. My uncle (no engineer) is tragically bad with money issues. My conclusion, they need professional help. Granted they have a lawyer and a finacial guy. I'm nervous about the finacial guy as he had my granmother invested in tech stocks not 3 years ago. I'm no expert but that screams "bad idea".

Third piece of the puzzle: We just sold her house for $1,150,000.00.
The house was in my Dad and Uncle's name (that had been done maybe 20 yrs ago). She owned and signed over two other houses to her sons (also a long time ago). In order to pay for her care while she was still in her own house they remorgaged one of the other houses and there is a $400,000 note out there. These two other houses generate approximately $40,000/yr in rent. It costs $70,000 to have her in the assisted living.

What should my parents do to reduce the tax burden on the Sale of her house (papers haven't been passed yet, theres still time)? Where should they put the money that will ultimately be used to pay for the assisted living? Basically how the heck do they make sure they have enough to keep grammy going in the most efficient manner for the forseable future and if at all possible how do they try and have something left over for themselves since they themselves don't have much of a retirement to speak of.

Any help would be greatly appreciated!

Thanks a ton.
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