|
Hello, Long story short about a year ago my grandmother asked me if I would take over responsibility for her finances. My mom and aunt have always been adversarial and she thought it would be best for me to look after her money and keep it from being fought over. So far so good- I got a PoA for her and there haven't been any real issues. Her health is in a slow decline and she will eventually need assisted living, though hopefully not for a couple more years (she has mild dementia but no signs of Alzheimer's yet). My grandfather set her up with two annuity accounts for her before he died, and they had about 55k in them combined. One of the things we all agreed on as a family was that I needed to take the money out of the annuities while my grandmother was still able to easily give consent for that and put the money in an account or another annuity that I control fully in her name. Getting the funds out of the annuities was a real pain in the rear end but now I have the 55k in a checking account at a local bank that only I can access. My question boils down to: since the funds aren't needed for her right now, would it be ok/advisable to put them in another annuity so they will at least draw some interest? I'd hate for her to miss out on earning something if she ends up not needing the money for another 5 years or so. She's doing fine on her fixed income and has very few expenses. I just don't want to waste an opportunity and feel like the money sitting in a checking account is wasteful somehow.
|
#
¿
Jan 7, 2016 00:11
|
|
|
|
| # ¿ May 16, 2024 12:51 |
|
|
Thanks for the feedback guys. I think I will just keep the money in an easily accessible account for a few months and reconsider then.
|
|
#
¿
Jan 19, 2016 04:22
|
|