HI all]
Just some questions here and throwing them to the group
Dad has approximately $632k
He is 76 and in a Memory Care center
Costs average $7100-$7200 a month. They increase every year (have not seen the first year increase)
He has no other real costs (misc here and there)
Netting his ss, medicare and this facility cost he has a negative cash flow of $6300 a month
I am the power of attorney for finances and medical
His funds are making less than 1% right now and I made the decision not to invest them at all so they just sit. I did this because I am not sure Dad has alot of time left (alzheimers) though he might.. unclear. Average stay where he is at is 2 years and the facility felt that was a good estimate. unclear.. he was declining steadily. recently seems plateaued?
All funds are in trust (3 kids as beneficiiary)
IRA has 3 kids as beneficiary
I take the RMD each year and then every so often replenish his normal checking account with $30k
Any suggestions for other things I should be doing with the money
Dad does not have long term care insurance
Dad's finances- just asking for thoughts .. things I have missed
April 12th, 2016 at 01:50 pm
April 12th, 2016 at 08:49 pm 1460494190
Alzheimer's is a progressive disease but his plateau may come from consistent food etc.etc.Some elders living alone don't take care of themselves.(imho)
April 13th, 2016 at 12:04 am 1460505874
If the near term future is uncertain, I guess an online money market making about .90% would be appropriate.
You could prepay the funeral costs now. It's a difficult thing to think about, but it's much easier if you can do it now, with a clear mind, than after your dad passes, under duress and not thinking clearly. There's a fair amount of details to be decided on for these things; things like an obituary, what will be printed on the monument, and other details that you will want to address in a thoughtful and caring manner, which is best done before death.
April 14th, 2016 at 10:32 pm 1460673142
April 15th, 2016 at 11:00 am 1460718025