Hi all, thanks for any advice you might have on this.
In the interest of helping get my grandmother into the 21st century, I'm going through all of her accounts with her, tracking them, "digitalizing" them (setting up online banking), and checking out her current rates.
It dawned on me that she is losing out on a ton of potential gains on her money, and I'd love to get your thoughts/advice on what to do with these accounts.
Some background: She is ~85 years old, widowed, lives alone but with family nearby, relatively healthy, doesn't drive, very thrifty.
Current Assets:
-- $95,000 in an investment, managed by some advisor i don't know, who takes .75% fee. (Is that a lot?)
-- $45,000 in a mutual fund (has returned ~6% over its lifetime..)
-- $85,000 in her primary checking (don't ask me why...) I'll likely move some to at least a high yield savings, but leave a good chunk for anything that might come up. She has some small home renos in her future.
-- $100,000 in a savings earning .75% interest
-- $55,000 in checking #2 earning .10%
-- $50,000 in MM earning .85%
-- $46,000 in a jumbo CD maturing in October
Income: ~$5,000/month. House paid off (worth ~$400k), cars paid off, minimal monthly expenses, probably around ~$1700.
Concerns:
- My concern is her health as she ages, and obviously protecting her assets. My main concern on the horizon is needing living in care, a nursing home, etc. Is there a way to protect against this draining her assets in the future? Ugh.
- Concern 2 is family. Son 1 and daughter 2 are low lifes and are likely planning on using anything they get from her for their retirement. I fear they will try to be greedy somehow, and I have heard they have started asking her about her income.
- Asset allocation. I notional plan is to move ~$250k to a high yield savings, since I want to prioritize liquidity over gains, especially with the highs the market is seeing. Any advice on smart moves with her money otherwise?
Generally interested in any other advice, strategies, etc. from a financial/legal standpoint. Thanks!
Submitted July 15, 2019 at 07:30PM by therealthrowaway009 https://ift.tt/2Y02If7
