Mom’s retirement money
Hello !
My mom is 87 years old and has Alzheimer’s. She lives in her own condo with full-time caregiving. She has approximately 500,000 in her portfolio which is being managed by a financial advisor (they are not a fiduciary) She has 40% in stock 60% in bonds (used to be 50/50 until recently). We’re taking out 14,000 a month for the cost of her living expenses , condo and caregiving. She has no long-term care insurance. I’m wondering if I should be putting her money in bonds to avoid any loss at this point or taking it out and putting it in several bank accounts to earn the 3% or the current interest . Trying to stretch her money as much as I can in order to keep her home as long as possible and avoid moving her to assisted living.
Thank you !
Terry Says
Whew — your mom should no longer be in either stock or bonds, but in liquid assets such as money markets. BUT, there could be tax consequences to selling her investments since they are not inside a retirement plan.
(If you wait and sell after her death, you won’t pay any taxes because of the “step-up” in basis at death.)
SO, you need specific financial and tax help, to take these issues into account. You need a fee-only FIDUCIARY to review this situation in light of her needs for care payments and the overall and specific tax picture.
Please read this: https://www.terrysavage.com/pam-krueger-wealthramp/
Fill out the form and contact Pam, and she will immediately match you up with a fiduciary who you can trust, and who can advise you about the best route to take. Guesswork is not a good idea at this point!
