So, my wealthy grandmother just passed away. Due to my mother's poor financial management of her own personal finances, she was removed from the will.
However, with my mother's portion of the estate, it is to be placed in a trust for my siblings and I to receive upon my mother's death (I think my grandmother was concerned that she would blow it all quickly and us kids would still have to support her through retirement.)
My brother and I are to be the Trustors of the Trust, and it does allow for us to distribute income from the Trust to our mother to help maintain her finances for the rest of her life.
They are still settling the estate, but initial estimates are that our Trust will be around $300k.
We still have to discuss with our other siblings, but I am guessing that the consensus will be that growth of the Trust is less important than helping our mother.
Our mother is in her low 60's, I highly doubt she has any 401k left (early withdrawal), little to no assets. Essentially, regardless of this Trust, all of us kids will be supporting her financially once she cannot work, which is probably sooner rather than later.
The question is, what kind of investment should we be looking at?
I am personally leaning towards buying real estate in a company that would dissolve upon my mother's death, with assets being sold off and funds dispersed, I realize that this would be a lot of work with no immediate return, if any, but we may be able to rent her a home at low cost and help fund her through proceeds of the other properties. Still have to run this by the lawyer.
Submitted March 12, 2019 at 01:36PM by TheManIsOppressingMe https://ift.tt/2TwEUOl
