In Ohio. My 95 year old has Alzheimer's and was just put into memory care this week. Her memory has been gone for years, but we've always handled it as a family. This week things got much worse when she started getting violent and punching me. She also left the house twice and approached neighbors she didn't know asking for rides to the bank, etc. She does not currently have a Financial POA but everyone in the family agrees we need to make this happen and that it should be me. I'm the best with money, but that kind of like being the tallest midget. I don't currently know exactly what she has but I'm trying to piece it together. We are working on getting her to agree to a POA or we will seek guardianship. Pretty much all of her money is slated to me or my mother in her will so I have no care about using any of the money for myself at this time. I just want to do right by her. I do know she has over $600k in checking and savings accounts, all earning effectively 0 interest. She has quite a few US Savings bonds, all matured, but I have no idea the value at this point. Social Security and pension income of about $1500. Her nursing home will be costing $6950/month. I'd like to find a way to earn enough money with her money so that she can at least come close to breaking even. I'd hate to see her lose everything. She is 95, but besides the Alzheimer's, she really is in perfect health. It would be reasonable to see her living another 10-15 years. Obviously, the standard advice of emergency funds and retirement plans doesn't apply as much. I'm a little overwhelmed at where to start.
Submitted June 04, 2017 at 12:54AM by icemanerich http://ift.tt/2sCPMZ0
