Safe money for sale of Mom’s house
My 100 year old mother is selling her house for $600,000. I want her to put it in several bank Money market accounts (250,000 insurance protect) and or treasury bonds since at her age she doesn’t need investments. What’s your suggestion?
Terry Says
That’s the exactly right thing to do. This is “chicken money” — money needed for her care. Congratulations on her longevity!
But do title these CDs properly — perhaps in joint name with you, or her and various siblings. That way if she gets to the point where she can’t act on her behalf, you can access the money for her. AND, be sure that one of you has her healthcare power of attorney (leave a copy with her physician) and her Living Will (end of life wishes/instructions).
