Michael, My mother died of Alzheimer's. The progression of the disease is approximately 10 years. This is why it is such a shock to most families since 10 years worth of medical bills (not to mention time and energy) can exhaust the caretakers. You may wish to financially plan for this inevitability for your mom to see how they will make it through this time. Good luck to all your family. I hope you can manage the stress.

 

Thinking more about this and another option stated above.
If the car is worth $50,000, a loan of $50,000 for 10 years at 3% interest would cost $482 per month. Adjust this to actual value of your car and maybe the numbers work for your mom. You still have the car and mom got the needed money. If that is enough.
Good Luck with this decision. If the car must go you can always build a replica later as life gives you the chance.

 

My wife's grandmother and her mother both died of Alzheimer's. It is long and it takes its toll on the family. Both her mother and her grandmother lived longer than 10 years after the symptoms first showed. Her grandmother died at the age of 102 after living in the nursing home for 10 years. We moved to MN to take care of my wife's mother for as long as we could at home. We did that for nearly 5 years but, eventually, there just comes a point where it's physically and emotionally impossible to do that anymore. Her mother ended up in the nursing home (4 blocks from our house) where she finished out the last couple of years of her life at a whopping $4,000 per month. Neither Medicare nor health insurance will pay that. It's either self-pay, long-term care insurance, or Medicaid (if you're destitute).

So, yes, Alzheimers can last for a very long time and care is very expensive. You're smart to be thinking of the financial aspect and planning for what is to come.

Read the books, "The Long Goodbye" and "The 36-hour Day". The Mayo Clinic has some good books.

In addition to financial help, look for some help for you mother in the form of respite care. She can't deal with your grandmother 24/7. It's unhealthy for her. She needs to be able to get away for a break sometimes. If you live in the same town, you can do this for your mother.

I know this is drifting OT but I encourage everyone to check into long-term are insurance. We bought policies for ourselves after seeing the cost of nursing home care. Both of my wife's parents were in the nursing home, her father is still there at $6K per month. When they were both there, the total cost was $10K per month.

Michael - You're welcome to PM me if I can answer any questions or offer help in any way. Can't help you much with your car but I can give you some advice and provide some support for this journey your family is about to begin.

Take care,
-- Steve

 

Lots of good points here.

If you decide to go the loan route, you don't have to give all the money to someone at once. Get a grasp on the situation and decide from there. I know my dad's 60 would mean the world to me if I ended up with it.

 

Agree with ratdog. Everyone should buy a Long Term Care policy and hope you never have to use it. My healthy spouse had a major stroke 5 years ago from a tumor inside the heart that they feel was there from birth and never a symptom. Everybody believes it will never happen to them. Guess again. LTC is needed by everyone. Buy as much as you can afford!!

 

for me, since I have an income, I would skip a loan and just send your mom a few hundred a month (4-5-600), Many times I have found that a wad of cash really isnt that great but a regular check can seem to really take the pressure off. My parents have done so much for me, I am where I am because of the sacrifices they made, even though I really didnt realize it at the time. Your dad gave you the car to enjoy life, a few bucks will mean alot to your mom.

 

Guys, Thanks so much for the posts and the great insight. This is a tough decision. My mom has given up so much for me. I currently serve in the Air Force because of her and my dad. We found out two weeks ago she may have cancer. That's what my dad passed away from 6 years ago. She is such a selfless person, and whatever burden i can alleviate off her I want to. Thanks again guys for the help.

 

Like so many others I really hate to hear you are all in this position-

One thing that has not been asked among many (very well meaning) replies about the sentimentality of owning "dad's car" is:

What would DAD DO?

It sounds to me like your father would have done what every real man does- put his family first. You may do some soul searching and find out that truly honoring your father's memory means selling the Corvette. You may be able to take more pride is standing up when your mom needs you than you would take pride in owning an old car.

That being said, if you have the chance to help her with some monthly money, or if you can structure a loan (or a purchase) from her that accomplishes both, I sincerely hope you can keep it, too. I'll be hoping for the very best for you all.

 

Do whatever is in your heart.

If it was me, family comes first (always) even if it meant moving my grandma and mom into my home so I could keep the vette. Have you talked to your mom about selling the car?

 

http://delaware.craigslist.org/cto/2533559900.html

 

Hey guys, after all your opinions that I really appreciate, I have decided to sell the car. I put it on craigslist and have just recently pulled it off craigslist and put it on ebay. My mom just found out that her new live in friend has cancer and she may potentially have cancer as well. She is deeper in debt than I thought. I have a 3 month old, so I can't afford to help her to much with my wife not working. As much as I love this car, I love the fact that I can get my mom out of tight spot with money. Again, Thanks for all your advice on the matter.
Also, I am not asking nearly that much on ebay. I was just putting a feeler on craigslist to see if it had any interest locally.

 

Family first, bet your dad would be much prouder of this than if you built his Corvette. I'm sorry your family is going through this!

 

Although I am sorry to see you having to sell it, I would have done the same. After all, even really cool sentimental stuff is just stuff. Best of luck with the sale.

 

Thanks guys. It is truely a hard time; parting with my dad's car and my mom's financial dilemna.

 

The joy of seeing your mother not stressed out will far outweigh the hurt you will feel when you sell the car. I have never (an will never) regret any money that I give to my mother. Even if the money runs out as some people say it will, the fact that my mother was stress free until that time is enough for me. The car should be sold! A loan against the car or a reverse mortgage on the house will carry an outrageous interest rate and put you more in debt and your mother under more stress worrying about how you will pay off the loan. In my mind this is a NO BRAINER....do you think your father would want to see your mother stressed out and hurting financially so you could drive his 1962 Corvette? Think about that!

 

Years from now, you'll look back on this decision with a good feeling inside for doing what you needed to do. Six years ago I had to do something similar with my family and I had to put off buying a Corvette because of it. I'm happy I had the resources to help. It's given me a good feeling inside. And I'll be back on the hunt for a Corvette again soon and with no remorse for the wait.

In your case, this is a special car because it's from your father and that makes what you're doing for your mom so much more meaningful. Keep in touch with the eventual buyer and ask him to give you 1st chance at it if he decides to sell it. If you can't swing it at that time, try to keep track of the car. You may one day be in a position to get your dad's car back in your garage.

I can't remember if you said you had siblings who could help out. It sounds like you have a pretty big financial task ahead of you. Try to get them involved if you can (not always possible, I realize).

Best of luck
-- Steve

 

Thanks again guys. That's a good idea about keeping track of the car.

 

What a shame to sell your Dad's car. He saved it just for you. Why don't you just start sending your Mom a couple hundred a month to help out, and like the man said, money's money, but actual physical help is just as important.

 

I would never recommend a reverse mortgage to anyone, especially a person with children (which is the case here), who will be deprived of the house as an inheritance.

 

A few things come to mind:

Back when your Dad was alive and your Mom & Dad were married, didn't they own the Vette together? If so, then originally wasn't it half hers? What does she say about selling it?

If you do sell it, you might ask for a written commitment from the buyer, or a "first right of refusal" from the buyer to offer it back to you at the price he paid (or a pre-agreed on price) should he ever decide to sell it. That way, someday when you are in a better financial situation, you will have the peace of mind knowing where to find it if you miss the sentimental attachment of the car and want it back.

Lastly, thank you for your military service. Many of us are veterans on this Forum, and we all salute you.

Good luck!