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Has someone already mentioned the death tax? I think the main focus should be on positioning the estate for transfer to heirs, after making sure she has bought every possible type of insurance for long term care etc.
The other risk to consider is inevitable dementia. Who has financial power of attorney? It should be the kids together. The other issue is how will this play out in terms of family unity after her death and making sure it is handled fairly.
if she is pointed to a financial advisor, please let it be a fee only advisor, and not one of these shoe salesmen graduates who took a 3 month financial course. Make sure the kids go along with her.
hows this for an idea. Cut away 100K and put it under joint management of the kids. See how they do. Give them a chance to screw up with small dollars and know what that feels like. Tell them the pot they manage will be added to subject to performance.
Gosh, if she is 80, the kids must be in their 50s.
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