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Started By
Message
re: Need advice for parents (Long OP, Beware)
Posted on 4/26/13 at 12:20 pm to BennyAndTheInkJets
Posted on 4/26/13 at 12:20 pm to BennyAndTheInkJets
Thanks for the input guys. I think I'm just going to let them be. They've saved well and have little to worry about financially. There isn't a thing in the world they need. I just hate that they have that much money sitting there that could be working for them. But it is there money, so I'll let it be.
2
Posted on 4/26/13 at 12:37 pm to braindeadboxer
Yeah, agreed with the poster above about short-term fixed income securities. The market for low-risk securities shouldn't scare off your parents. I'm not in the business so I can't point you to any specific securities, but I'm sure some people can.
Posted on 4/26/13 at 2:09 pm to braindeadboxer
Sounds like your parents are in good financial shape. I would recommend looking into
long-term care insurance because extended care
in a nursing home, if it is needed for one
or both of them, could drain their assets
alarmingly fast. I'm talking like $50,000+
per year per person.
If they are both around 55 years of age LTC
is not prohibitively expensive if they are in
good health, so now is the time to buy.
Do your research. The internet is your friend
for this. I HIGHLY recommend that you look
into LTC for your parents for asset protection.
There are other ways to approach this, such
as a irrevocable trust and hopefully qualifying
for Medicaid if income limits can be met, but
LTC is your best bet.
long-term care insurance because extended care
in a nursing home, if it is needed for one
or both of them, could drain their assets
alarmingly fast. I'm talking like $50,000+
per year per person.
If they are both around 55 years of age LTC
is not prohibitively expensive if they are in
good health, so now is the time to buy.
Do your research. The internet is your friend
for this. I HIGHLY recommend that you look
into LTC for your parents for asset protection.
There are other ways to approach this, such
as a irrevocable trust and hopefully qualifying
for Medicaid if income limits can be met, but
LTC is your best bet.
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