Row 91841

Row ID: 91841 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 91841 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

My disabled mother passed in 2020. She received a windfall 20 years prior, which we handed over to professionals to manage and set her up in an irrevocable trust to protect the assets.

She was impovished for most of my childhood. We did not want her to ever have to return to that state. So we found some professionals to ensure that.

Get a professional to handle your mom's account. She not only needs a financial advisor, but an elder law attorney to help with estate planning. You mentioned a nursing home. Long-term care is insanely expensive and could end costing that entire $500k. An elder law attorney will help you structure an estate that will protect those assets as best as possible. Once you find a financial advisor, they should be able to refer you to an elder law attorney.

Do not invest any of your mother's money yourself, especially not into a 3-fund Boglehead portfolio. She doesn't have a long time horizon and a basic Boglehead portfolio could cost her. For example: if she had received this money in 2021 and put her entire bond allocation into a total market fund like BND, she would've taken a massive hit from the rate hikes and would still be down on that part of the portfolio. Even with the SSI, your mom still needs safety assets like bonds. She also needs those bonds to be accessible to her when she needs the cash.

Even though you'll be handing the heavy lifting over to the professionals, you should still 100% maintain a relationship with her advisor, attorney, and CPA. Depending on how the estate gets set up, you may need to act as a family trustee. The attorney will explain what that would entail. Since you've been studying investing yourself, you should have no issue reviewing the investment selections, asking what they are and the purpose they serve, and reviewing the fees.

When your mother passes, you're going to need the professionals you hired to distribute and settle her affairs and estate. And handle any taxes. Keep in touch with all of them.

Again, don't do anything with your mom's share. Hire professional help.

FieldValue
text My disabled mother passed in 2020. She received a windfall 20 years prior, which we handed over to professionals to manage and set her up in an irrevocable trust to protect the assets. She was impovished for most of my childhood. We did not want her to ever have to return to that state. So we found some professionals to ensure that. Get a professional to handle your mom's account. She not only needs a financial advisor, but an elder law attorney to help with estate planning. You mentioned a n…
label r/investing
dataType comment
communityName r/investing
datetime 2024-05-25
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Raw Record

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  "text": "My disabled mother passed in 2020. She received a windfall 20 years prior, which we handed over to professionals to manage and set her up in an irrevocable trust to protect the assets. \n\nShe was impovished for most of my childhood. We did not want her to ever have to return to that state. So we found some professionals to ensure that.\n\nGet a professional to handle your mom's account. She not only needs a financial advisor, but an elder law attorney to help with estate planning. You mentioned a nursing home. Long-term care is insanely expensive and could end costing that entire $500k. An elder law attorney will help you structure an estate that will protect those assets as best as possible. Once you find a financial advisor, they should be able to refer you to an elder law attorney. \n\nDo not invest any of your mother's money yourself, especially not into a 3-fund Boglehead portfolio. She doesn't have a long time horizon and a basic Boglehead portfolio could cost her. For example: if she had received this money in 2021 and put her entire bond allocation into a total market fund like BND, she would've taken a massive hit from the rate hikes and would still be down on that part of the portfolio. Even with the SSI, your mom still needs safety assets like bonds. She also needs those bonds to be accessible to her when she needs the cash. \n\nEven though you'll be handing the heavy lifting over to the professionals, you should still 100% maintain a relationship with her advisor, attorney, and CPA. Depending on how the estate gets set up, you may need to act as a family trustee. The attorney will explain what that would entail. Since you've been studying investing yourself, you should have no issue reviewing the investment selections, asking what they are and the purpose they serve, and reviewing the fees. \n\nWhen your mother passes, you're going to need the professionals you hired to distribute and settle her affairs and estate. And handle any taxes. Keep in touch with all of them. \n\nAgain, don't do anything with your mom's share. Hire professional help.",
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