I am getting unexpectedly involved with my father and his wife's finances (by their request I should add).
They are 91 and 87.
They've got $45K in checking/savings. With their bit of income that will not likely be depleted this year, but certainly next.
They've got $132K in CDs that mature 12/28/2022.
They've moved to assisted living and have an empty house, paid off, $500K. Their son has responsibility for the house. I can only provide counsel. If he sells the house this year all is well.
If he doesn't, what do I need to ask the bank about the CDs? Early withdrawal fees? Turning off auto-renew for next December? I don't want to get locked into another year accidentally.
I have no experience with CDs so just want to know what I'm missing.
They are 91 and 87.
They've got $45K in checking/savings. With their bit of income that will not likely be depleted this year, but certainly next.
They've got $132K in CDs that mature 12/28/2022.
They've moved to assisted living and have an empty house, paid off, $500K. Their son has responsibility for the house. I can only provide counsel. If he sells the house this year all is well.
If he doesn't, what do I need to ask the bank about the CDs? Early withdrawal fees? Turning off auto-renew for next December? I don't want to get locked into another year accidentally.
I have no experience with CDs so just want to know what I'm missing.