I was advised by my Father's elder attorney to take out a loan in my name to cover my Father's long term care expenses, until I could get his estate settled, due to a contested guardianship and conservatorship hearing. Dad had revoked the family trust and gave his money away to a second wife and her adult son, following Mom’s death. I was disinherited and did not see Dad for three years following that marriage. Dad was later diagnosed with Alzheimer's disease.
I took out $100K loan against my personal home to cover his expenses, with the belief that i would be repaid. By the time the court allowed me to sell Dad's property, which was all that was left, his home only brought one-half of the appraised value, which paid off the mortgage I had placed against it in my name. There were no funds to pay me, since it was my money we were using. I lost over 3 years of income, trying to get Dad’s care needs met. I was told that Dad was dying, and had only days to live, but after I took over his care, and took him off the morphine that Hospice had left for his care taker, he bounced back.
I am 62 years old, single and have no form of retirement. I lived off of my life savings and my investments for that three year period. I was self sufficient and had adequate income to sustain quite a comfortable lifestyle. That was 5 years ago, and now I am left broke, alone and discouraged. My home is now in foreclosure and I have all but lost every thing I worked my entire life for. I was also raising my grandchild, who just left to return to live with his Mom. He informed me that I had destroyed his childhood, by making him live in Nursing homes with Dad. No adult child should be left with this type of financial or emotional state just because they tried to help. Dad made it. I don’t know if I will or not.