Another way to protect your mom is to set up an IRS PIN that you need to put on the tax form or it will be rejected. It is so somebody can't file taxes in her name. We have had multiple deaths in my family and beneficiaries are all named with each bank and financial institution. I am the one in my family that helps other family members with their finances and I make sure the beneficiaries are correct on the accounts. We have had zero problems with the beneficiary getting access to the money. The mistake people make is creating a Will with different beneficiaries than the named beneficiaries on the accounts and the named beneficiaries supersede the Will. Lots of families wind up in court because of issues this creates.
An easy solution for what to do with the 250K over the FDIC limit is to put the money in a money market fund that doesn't have an advisor. I use Vanguard VUSXX which is a treasury fund. I don't know about ML but if you can open a non advisor account and buy VUSXX that's what I would do.
An easy solution for what to do with the 250K over the FDIC limit is to put the money in a money market fund that doesn't have an advisor. I use Vanguard VUSXX which is a treasury fund. I don't know about ML but if you can open a non advisor account and buy VUSXX that's what I would do.
Statistics: Posted by gotoparks — Sun Feb 23, 2025 1:47 am — Replies 32 — Views 1584