Q: We need a plan for the future. My husband has MS. I'll keep him at home as long possible, but we need a plan in place.
Do we sell the house? I will not have the income to make the mortgage payment and the upkeep on the house. We also have a car payment, we are upside down and have 6 years left on the loan. Should we trade down? Also a personal unsecured loan with 5 years left to pay. Help please
A: You need to consult with a financial advisor regarding your specific circumstances. There are too many facts missing and, in any event, this forum is not for personalized advice; it is best suited to answering simple questions with general applicability. A financial advisor can help you make a long term financial plan. If you think your husband might eventually need long-term care (24/7 skilled nursing care), then you should meet with a elder law attorney about Medicaid pre-planning. Finally, if you don't already have an estate plan in place, now is the time. An elder law attorney can help you with that as well.
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