LeatherneckPA
Recycles dryer sheets
I guess my first thread on Mom's dilemma I didn't make very clear. Truth be told, I'm not really sure what my question was either. The last visit I had with my Dad (RIP) we spent a little time on this, since I am the designated executor. I learned that they had about $80k in the bank (CD's) and about $150k in the house, which is of course paid off. they were intent upon leaving their son's some inheritance. My position was that all of their sons are fairly well off and would remember them with out any money left behind.
Now Mom, who has never had to deal with the money in the past, is trying to ensure this. She is convinced that as a 70 yr old diabetic amputee she won't survive 10 more years. And she is searching for some way to "protect" our inheritance now, with little or no guidance. I'd like to believe that my youngest brother would supply good guidance. He does have an MBA and a CPA after all. And he was the executor, until he insisted that the estate pay for his airfare from CA to FL when necessary to work on estate issues. M&D weren't having any of that, and those duties now rest upon me.
What I would like to try to get her to do is invest in some Vanguard or Fidelity fund that pays her dividends as an income supplement, until such time (if ever) that we need that money for her care.
As far as that goes, if or when she needs LTC, it is my intent to use her $700 a month as a base, add the amount necessary to bring it up to the cost of a decent facility and pray that we have enough. When the money is gone I was considering a reverse mortgage on the house. At least 2 out of 4 of us don't care if there is a dime left after she passes, as long as her time in LTC is spent in a decent and caring facility.
I am open to suggestions or experiences you may have had dealing with similar issues.
Now Mom, who has never had to deal with the money in the past, is trying to ensure this. She is convinced that as a 70 yr old diabetic amputee she won't survive 10 more years. And she is searching for some way to "protect" our inheritance now, with little or no guidance. I'd like to believe that my youngest brother would supply good guidance. He does have an MBA and a CPA after all. And he was the executor, until he insisted that the estate pay for his airfare from CA to FL when necessary to work on estate issues. M&D weren't having any of that, and those duties now rest upon me.
What I would like to try to get her to do is invest in some Vanguard or Fidelity fund that pays her dividends as an income supplement, until such time (if ever) that we need that money for her care.
As far as that goes, if or when she needs LTC, it is my intent to use her $700 a month as a base, add the amount necessary to bring it up to the cost of a decent facility and pray that we have enough. When the money is gone I was considering a reverse mortgage on the house. At least 2 out of 4 of us don't care if there is a dime left after she passes, as long as her time in LTC is spent in a decent and caring facility.
I am open to suggestions or experiences you may have had dealing with similar issues.