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Pete | How to deal with proceeds from a house sale? |
My father just sold his home and moved into a retirement home.
He needs about $3,500 per month. He receives $900 in social security so he would need to draw out $2,600 per month.
He just received a small 6 figure amount from the house sale. His only asset and hopes to live at least 5 years at the care home (he is 85).
What do I do with that money? just put it into CD's or buy an annuity?
I'm being told by one company that I should put it all in an annuity that will pay him the $2,600 but would not earn any interest.
The benefit would be that if his health declined and he was placed in a nursing home, that money would be protected for his heirs and he would use medi-cal for the nursing home.
I just want to stick it in the bank, earn him some interest and hope he stays healthy until it runs out.
What to do?
Thanks |
 |
 
dluo
 |
Very good details, but you did not provide the actual sum of money available.
Just for reference, in order for you to have 3.5k per month for five years under the flat rate of 5.25%, you must have at least $184,346.52
The best way to protect the assets of ageing family members is to put it in a joint account. You avoid estate tax also.
Due to the short investment horizon, most non-principle guaranteed products will not help you. The best thing for you to do now is to analyze how to build a CD latter with the rates available (bankrates.com) and the assets you have. You can then compare it with the annuity products available.
If you don’t know how, any banker can show you how to do it if you let them think that you are parking your money with them.
Or, you can edit you question and let us know how much money is available so we can do our analysis. |
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great_and_mighty_adam_levine
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Be VERY careful with annuities. They pay very high commissions to those selling them, and frequently have very crappy terms when compared to other investments.
However, in this case, an annuity may be just the thing. Look for an fixed, immediate annuity and see how much that $100,000 will get you per month. Basically, it's reverse life insurance - they pay that much per month until your father dies. Get several quotes from reputable insurance companies.
If your father dies in two months, the insurance company makes a lot of money. If your father lives another 20 years, the insurance company loses big time.
-->Adam |
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jeff410
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I agree with the people who are saying be careful with annuities. In addition to what others have said, annuities dont get a stepped up basis. Which means the heirs to his estate are going to pay taxes at the ordinary tax rate. At his age its probably unlikely for him to outlive his money. I would say put it in CD's and short term bond funds. |
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Dr. Deth
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If the investment total is 100,000 and you get 5% in a cd, and you need to withdraw 2600 per month, the money will probably run out in less than 3.5 yrs. Even at 10% return, it won't even last 4 yrs. See an investment person asap |
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cool985044
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You would be smart to spend it as fast as you can so if he needs Medicaid he can apply. I know that because I work for Medicaid. I guess putting it in a bank account in your name would be the safest because where I live the money would not count twards Medicaid, But if you wish you could invest it in CD or stocks. Then you are getting into risker things which are good but when he dies they would have to be probated unless your name was on them and you were power of attorney. |
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bob shark
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You need to talk to a financial advisor, start with the investment arm of the bank you deal with
They will give you unbiased ideas |
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David J
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I suggest you get advice from an independant financial advisor, I can recommend a company that I used myself recently after alot of research I found they were open about any charges made rather than some others who tried to hide their charges in commision they would recieve for products sold.
Other than being a customer I have no other connection with this company. |
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PepsiLime
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Be very careful with investing in an annuity, some are almost legal scams with the terms that they have. Check out with a financial attorney the terms of the annuity if that's the way you decide to go. You know that the money will be in the bank if your dad needs or wants it. Will he be able to touch the annuity money without penalty if he needs/wants it? You could try doing laddered CD's with a bank where the money he has would be in CD's with different maturity dates, some in 6 months, some in 1 year, some 18 months, etc. |
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