Investment for 87 year Old Widow
Hi Terry. I have written before about my mom who had Guillane Barre from a flu shot and got $200k from the federal vaccine injury court (which alot of people don’t know exists and is threatened by the current clowns leading our country). she is moving into assisted living and will be using about $3k a month of her $200k to pay for the increased housing and care costs. I want to invest the money we are not using to make it go further and wondered if you still think putting it in government bonds is the right thing to do. I think you are a rare treasure for us out here and I thank you for all your good advice and assistance.
Terry Says
This money belongs in a money market deposit account in a bank — where you will earn about 4%, although that rate will decline in coming months. YOu can write checks against the account — or arrange for an autopayment to the assisted living facility every month.
Check with your area banks to see what rates they are offering, and be sure to mention the size of the deposit. Some banks have already started dropping rates, so it’s wise to compare. That won’t keep rates from dropping in the future, but with a FDIC-insured Money Market Deposit Account you won’t risk losing a penny. This is truly CHICKEN MONEY!
PS, you didn’t ask — but I’m hoping you have her healthcare power of attorney and a “business power of attorney” for your mom. Or that she has created an estate plan. If that estate plan is a revocable living trust, be sure to open this bank account in the name of her RLT.
