Mom’s investments

My mom is 82. We just moved her to assisted living. She has some memory loss and we myself an 2 siblings) have financial and medical power of attorney. She currently has 44k in investments wits RPI and 22k in gold coins. She just got her half from sale of house 157k and I am pushing to just put in a money market-no fees no losses it’s hers to pay for her stay. She also gets about –1700 ss and 300 small pension of my deceased dad. Her monthly fees are about 3600 . My sister wants to turn house money over to
Investments but I see the fees and losses. My brother (out of state) agrees with me. I just want to make the right choice. I feel great sense of responsibility and I don’t want to make wrong choice. P.S. she is prob going to have legal separation soon as well (2nd husband he is at diff assisted living facility). Any thoughts, comments would be greatly appreciated. Thank you…

Terry Says:  I  agree with YOU!   And here are a few more things to think about.  First, does she have an “end-of-life” directive (the pull/do not pull the plug document)?  Second, is she capable now of signing a simple will or revocable living trust?  Third, are you aware that in the absence of such a document her current (if she is still married) spouse is entitled to a share of her estate?  (Hint:  better a divorce than a separation, and ASAP!)  Next, put those gold coins away safely — not in the nursing home.  If she runs out of money, which — at a cost of over $80,000 per year — could happen, then the state will look back at her list of assets to make sure nothing was transferred to family members to make her qualify for Medicaid.

And, finally, YES –  leave the money in a mm account in a bank — where it is insured against loss.  If she passes on and leaves some to each of you, then you can each invest according to your own desires and goals!  Show this to your sister!