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One million dollars and no need for the money nor income from the money? If the former strategy was to invest 100% in government bonds and it led to a successful finances that they presently have why change the system? 2.5 percent on a 5 year treasury is still 67 percent more interest than would have been received in December. I would reccomend investing in that and avoid the risk of upsetting the individual.
In this case the conservative approach is totally appropriate from the facts you have laid out.
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Oh, what'll you do now, my blue-eyed son?
I'm a-goin' back out 'fore the rain starts a-fallin',
I'll walk to the depths of the deepest black forest,
Where the people are many and their hands are all empty,
Bob Dylan
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