I'm seeking as many opinions as I can get from people with knowledge of financial advising and/or trusts & estates and/or estate planning, about what my parents (in their 80s) ought to do with their $250,000 in liquid assets. I'm NOT looking for the kind of detailed plan we'd get from an advisor whom we hire; I'm looking for short, quite general, common sense answers (such as "These ONE OR TWO types of instruments are good/bad; all others are to be avoided/considered.") I'm also looking for as many answers as I can get. In order to get that assortment of answers, I want to disclose only a very few specific things about the folks: 1. they currently rent an apartment; they do not own a home. 2. they are in their 80s--relatively healthy and can drive, shop, take care of themselves, but I'm not sure how long that'll last. I'd like to see them in a retirement community within a couple years. 3. Their only income (which doesn't amount to much) is social security. 4. They lose about $2,100 in total expenses every month. That's just about equal to what they take in each month. 5. Their one and only significant asset is a liquid $250,000. Okay, at their age, and considering all the above, WHAT IS/ARE THE MOST PRACTICAL THING(s) THEY SHOULD DO WITH THAT LUMP OF LIQUID MONEY? THANK YOU from their worried adult child with a family of my own!
posted by losdavos
on Oct 24, 2013 -
In New York, and many other cities, developers can build bigger buildings than would otherwise be allowed, as long as they provide amenities such as parks, schools, affordable housing, etc. I want to show students how this works by providing a photo or drawing of a real building, annotated to show how much of the height is due to these bonuses.
For example, a drawing of a 50 story building, where the first 30 floors are unannotated, but then 30-35 are labeled "plaza," 35-40 "affordable housing units," 40-45 "subway entrance" and so on. I want it to be from a real building, and clear enough to show via a projector. I'm surprised this doesn't already exist, but I've done plenty of searching and can't find it.
posted by lenore
on Feb 20, 2013 -
What's a good way to decide the age(s) at which grown children will receive their inheritance? [more inside]
posted by Songdog
on Mar 15, 2010 -
Anyone had a will prepared through www.legalzoom.com
Care to share how it went? Or have recommendations to another online "will mill", or strong arguments against using one? [more inside]
posted by de void
on Oct 16, 2006 -
What are the advantages and problems involved with buying my father in law's home? [more inside]
posted by sperare
on Apr 2, 2006 -
As executor, I'm helping my retired father set up his estate. Everything is pretty cut & dried with the exception of my brother. We have no idea where he is and whether he is even alive. How should my father account for him in his will? [more inside]
posted by anonymous
on Aug 3, 2005 -