Senior, worried about investments

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novembre
Posts: 38
Joined: Mon Sep 18, 2017 4:37 pm

Senior, worried about investments

Post by novembre »

We are a couple in our early 80s, living in a lifecare retirement community these past two years.
We are both now in good health, but my husband has just been diagnosed with early Alzheimer’s disease, which will likely progress over the next few years.
I feel fortunate that we have enough savings that I shouldn’t be worried about the future. But I am. I feel that I have little control over our financial future.
The reason for my concern is that so much of our assets is at risk, in the stock market. Here’s a breakdown:

IRAs, mostly with Vanguard and Fidelity............$1,600,000
(75% bond funds, 25% stock funds)

Joint accounts (non IRAs) Vanguard and Fidelity (also 75% bonds, 25% stocks)
Vanguard - $790,000
Fidelity - 1,100,000
Cash - $140,000

Total - $3,630,000

We have no pensions, no debts, and no real estate.
Our approximate income from Social Security, interest and dividends is about $125,000 a year.
Our living expenses are about the same as our income. The monthly fees here are high, but it is a continuing care community which will allow residents to remain even if they run out of money (through no fault of their own). So that is reassuring.

We have two children in their late fifties. One is a cancer survivor who has recently lost his insurance and might need our financial help in the future.
The other child has some kind of psychiatric condition and hasn’t worked for a few years, but is doing ok with a little financial help from us occasionally.
My main concern is leaving my kids a inheritance that they will need as they grow older.

I am concerned that so much of our money is in the markets, and I worry that something dreadful could happen and we could lose most of it. I know that’s unlikely, but Covid was unlikely too.
My main concern is leaving my kids a inheritance that they will need as they grow older.

My husband enjoys investing, and has done very well. He spends considerable time at his computer watching the stocks and bonds. He is not concerned about risk.

So I’m hoping for some advice here on whether I should relax and hope for the best, or persuade my husband to transfer at least some of the assets that are now in the markets to something safer.

Thanks for any help or advice.

Nov
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retired@50
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Re: Senior, worried about investments

Post by retired@50 »

novembre wrote: Mon Jun 14, 2021 1:00 pm
We have two children in their late fifties. One is a cancer survivor who has recently lost his insurance and might need our financial help in the future.

Thanks for any help or advice.

Nov
Has your son tried to get a policy at the Health Care web site the US Government created?

See link: https://www.healthcare.gov/

Losing a policy is likely a "life event" that would allow him to sign up for a policy in the middle of the year (like now) instead of waiting until open enrollment occurs in the fall.

As for your portfolio, with only 25% stock investments, I don't think you and your husband are taking too much risk, but I doubt his "watching" the portfolio is helping in any way. Maybe send him to the library to get a good book to divert his attention. Or it might allow him to get a good, common sense, book about using index funds and staying the course on an investment plan.

See wiki for financial book recommendations: https://www.bogleheads.org/wiki/Books:_ ... nd_reviews

Regards,
This is one person's opinion. Nothing more.
Rudedog
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Joined: Wed Aug 01, 2018 3:15 pm

Re: Senior, worried about investments

Post by Rudedog »

Relax and hope for the best. You have a substantial nest egg. Your 25% in the equity market is a minimal amount needed to keep up with inflation. A question: you don't mention taking required minimum distributions (RMDs) from your IRAs. Are the RMDs included in the $ 125,000 income?
mr_brightside
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Re: Senior, worried about investments

Post by mr_brightside »

basically your asset allocation is 75 bonds / 25 stocks

and you think that's too much stock exposure ? you have plenty of fixed income investments to weather a market downturn lasting years

i suppose you could shift it all into a "Life Strategy Income' type fund if nothing else for simplicity -- but even that is going to have around 20% stock exposure

good luck --

------------------------------------------------
delamer
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Re: Senior, worried about investments

Post by delamer »

I am sorry about your husband’s diagnosis and your children’s health problems.

Do you know anything about the composition of the stock portion of your investments?

A 25% allocation that is mainly invested in a S&P 500 fund is a lot less risky than one that invested solely in Tesla (or many other high-flying stocks; not picking on Tesla).

If the former, in a downturn like the Great Recession you could temporarily lose half of your stock investment. Unfortunate, but very likely to come back in a couple of years. That level of those stocks would be very appropriate for your circumstances.

If it’s all in Tesla, then you could lose it all and permanently. That would not be appropriate for your circumstances.

Given your husband’s diagnosis, do you have a system in place to manage your investments when he no longer is able to? And to protect against his potential for making poor decisions as his condition progresses?

You should be taking fairly substantial RMDs from your IRAs, but you didn’t mention those in terms of your annual income.
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ZMonet
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Joined: Sun Dec 15, 2019 2:43 pm

Re: Senior, worried about investments

Post by ZMonet »

Others are right that your risk is fairly low given that you are 75/25 (especially if the 25% is in index funds).

I get your concern though, you feel like there is much unknown in your personal situation (as well as the world) and you want to try and feel more I'd say that you are in a very good place financially/care-wise and you should recognize that while cancer and Alzheimer's diagnoses are not a good thing per se, the fact that you know about them, and thus take action, is. Also, is your main concern that your kids won't get an inheritance or that you will run out of money? If this money is meant for the kids, then your 75/25 would be likely considered even more conservative since it would be more their time horizon than yours that should be looked at.

Does your contract with your facility limit the gifts you can give to family in order to be able to take care of lifetime care? I know I have seen that stipulation come up before.
TN_Boy
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Re: Senior, worried about investments

Post by TN_Boy »

retired@50 wrote: Mon Jun 14, 2021 1:10 pm
novembre wrote: Mon Jun 14, 2021 1:00 pm
We have two children in their late fifties. One is a cancer survivor who has recently lost his insurance and might need our financial help in the future.

Thanks for any help or advice.

Nov
Has your son tried to get a policy at the Health Care web site the US Government created?

See link: https://www.healthcare.gov/

Losing a policy is likely a "life event" that would allow him to sign up for a policy in the middle of the year (like now) instead of waiting until open enrollment occurs in the fall.

As for your portfolio, with only 25% stock investments, I don't think you and your husband are taking too much risk, but I doubt his "watching" the portfolio is helping in any way. Maybe send him to the library to get a good book to divert his attention. Or it might allow him to get a good, common sense, book about using index funds and staying the course on an investment plan.

See wiki for financial book recommendations: https://www.bogleheads.org/wiki/Books:_ ... nd_reviews

Regards,
Yes to the healthcare.gov suggestion; also note that if he has too much income to qualify for any subsidies then this is a situation where the OP and spouse could offer to help with premiums.

As others have said, 75% bonds, 25% stocks is absolutely fine.

Does the 125k income include RMDs? Also, how much of that income is SS?

It might be a good idea if you posted your stock and bond holdings -- not just percentages but actual funds.
David Althaus
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Re: Senior, worried about investments

Post by David Althaus »

You have a lot going on here:
1. Is your estate plan in place? If not get to an estate planning attorney with all due haste. If you have an estate attorney please update said attorney on your husband's condition. Planning may be required.
2. You may benefit from considering a financial advisor such as Vanguard PAS. Their fees will be moderate and you can count on them always having your best interest at heart. If this sounds like something you want to consider call Vanguard on their 800 number.
3. Seems unlikely you and your husband will ever run out of money. Assume you, as a couple, have discussed the situations concerning your children and how to leave money to them. If you are perplexed as to what to do--that's another area where an estate attorney can prove helpful.
4. Your husband's condition means he has no business managing your financial affairs. It may be a difficult conversation but you should have that conversation today.

All the best
StealthRabbit
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Re: Senior, worried about investments

Post by StealthRabbit »

David Althaus wrote: Mon Jun 14, 2021 1:50 pm You have a lot going on here:
1. Is your estate plan in place? If not get to an estate planning attorney with all due haste. If you have an estate attorney please update said attorney on your husband's condition. Planning may be required.
2. You may benefit from considering a financial advisor such as Vanguard PAS. Their fees will be moderate and you can count on them always having your best interest at heart. If this sounds like something you want to consider call Vanguard on their 800 number.
3. Seems unlikely you and your husband will ever run out of money. Assume you, as a couple, have discussed the situations concerning your children and how to leave money to them. If you are perplexed as to what to do--that's another area where an estate attorney can prove helpful.
4. Your husband's condition means he has no business managing your financial affairs. It may be a difficult conversation but you should have that conversation today.

All the best
^^^^ do this, ASAP
You should have plenty of money, so that is not the main issue.

Be comfortable KNOWING and managing $$ yourself, or enlist the assistance of a planner/advisor or very trusted friend (Preferably a Boglehead)

Have a plan A, B, C written and agreed upon. Have someone review finances and help you monthly. (important to keep account active and in alignment)

Due to track record of heirs, Set up a 'metered trust' for heirs, under the advisement of a very trusted, competent, referred, and proven estate attorney. Have that plan reviewed by an independent 3dr party (i.e. the trusted LT friend) BEFORE committing.

If DH is quite cognizant and mildly declining, he can have a minor 'play money' account, SEPARATE from access to your primary accts. This can keep him engaged and purposed (very important for aging, but should be monitored frequently).

Best wishes (We have done eldercare for parents and neighbors for 50+ yrs)
StealthRabbit
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Re: Senior, worried about investments

Post by StealthRabbit »

delete = duplicate
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Taylor Larimore
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Re: Senior, worried about investments

Post by Taylor Larimore »

novembre wrote: Mon Jun 14, 2021 1:00 pm We are a couple in our early 80s, living in a lifecare retirement community these past two years.
We are both now in good health, but my husband has just been diagnosed with early Alzheimer’s disease, which will likely progress over the next few years.
I feel fortunate that we have enough savings that I shouldn’t be worried about the future. But I am. I feel that I have little control over our financial future.
The reason for my concern is that so much of our assets is at risk, in the stock market. Here’s a breakdown:
IRAs, mostly with Vanguard and Fidelity............$1,600,000
(75% bond funds, 25% stock funds)


Joint accounts (non IRAs) Vanguard and Fidelity (also 75% bonds, 25% stocks)
Vanguard - $790,000
Fidelity - 1,100,000
Cash - $140,000

Total - $3,630,000

We have no pensions, no debts, and no real estate.
Our approximate income from Social Security, interest and dividends is about $125,000 a year.
Our living expenses are about the same as our income. The monthly fees here are high, but it is a continuing care community which will allow residents to remain even if they run out of money (through no fault of their own). So that is reassuring.

We have two children in their late fifties. One is a cancer survivor who has recently lost his insurance and might need our financial help in the future.
The other child has some kind of psychiatric condition and hasn’t worked for a few years, but is doing ok with a little financial help from us occasionally.
My main concern is leaving my kids a inheritance that they will need as they grow older.

I am concerned that so much of our money is in the markets, and I worry that something dreadful could happen and we could lose most of it. I know that’s unlikely, but Covid was unlikely too.
My main concern is leaving my kids a inheritance that they will need as they grow older.

My husband enjoys investing, and has done very well. He spends considerable time at his computer watching the stocks and bonds. He is not concerned about risk.

So I’m hoping for some advice here on whether I should relax and hope for the best, or persuade my husband to transfer at least some of the assets that are now in the markets to something safer.

Thanks for any help or advice.

Nov
Novembre:

I believe you may be a good candidate for a single premium immediate annuity (SPIA) to supplement your other income so that you no longer need to worry about running out of money (your husband's poor health makes him inappropriate for a SPIA annuity).

I own two SPIAs and they are the best investments we ever made (I'm age 97).

You will find information and rates at www.immediateannuities.com.

A SPIA provides the largest guaranteed lifetime income of any investment.

Best wishes
Taylor
Jack Bogle's Words of Wisdom: "I (probably prefer) an immediate annuity, which starts paying you right away."
"Simplicity is the master key to financial success." -- Jack Bogle
Sandwich
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Re: Senior, worried about investments

Post by Sandwich »

novembre wrote: Mon Jun 14, 2021 1:00 pm .....

We have two children in their late fifties. One is a cancer survivor who has recently lost his insurance and might need our financial help in the future.
The other child has some kind of psychiatric condition and hasn’t worked for a few years, but is doing ok with a little financial help from us occasionally.
My main concern is leaving my kids a inheritance that they will need as they grow older.
...
Depending on your children's situation, you may consider the option of leaving the inheritance in a Special Needs Trust (SNT).

A SNT can pay for certain items that government benefit programs won't pay for ... i.e., hobby supplies, electronics such as phones, computers, TVs, cell phone service, etc ... and can add to he quality of life.

Discussing your desires with an Elder / Estate Attorney may provide you with options that can provide funds to your children while not impacting possible future government benefits. One can not predict the future. It is my impression that lawyers can set up documents that have some flexibility to that an inheritance can be designated to a SNT if a beneficiary has severe health matters or outright if the beneficiary does not have special needs.
FoolMeOnce
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Re: Senior, worried about investments

Post by FoolMeOnce »

novembre wrote: Mon Jun 14, 2021 1:00 pm My husband enjoys investing, and has done very well. He spends considerable time at his computer watching the stocks and bonds.
Frankly, this - in light of your husband's unfortunate diagnosis - is by far the biggest financial risk you face. Your 25% equity exposure is not risky. If you go much lower, you start to increase your risk of maintaining purchasing power by losing to inflation. (Though also as noted, if that 25% is in a handful of individual stocks, that presents its own risk).

As others above have said, you need to discuss with your husband how to manage the portfolio going forward. You may be a good candidate for Vanguard PAS advising services. You don't say, but if your are not comfortable taking over management, you would be even less likely to have the energy or desire to learn and manage your assets while caring for your husband in the coming years as his condition progresses. This is a conversation that needs to happen sooner than later.

Good luck. Wishing you well.
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novembre
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Re: Senior, worried about investments

Post by novembre »

Rudedog wrote: Mon Jun 14, 2021 1:10 pm Relax and hope for the best. You have a substantial nest egg. Your 25% in the equity market is a minimal amount needed to keep up with inflation. A question: you don't mention taking required minimum distributions (RMDs) from your IRAs. Are the RMDs included in the $ 125,000 income?
Yes, our income includes the RMDs.
Jablean
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Re: Senior, worried about investments

Post by Jablean »

If you feel uncomfortable with bonds because they are "in the market" then you could withdraw some and plunk it into a 5 year CD ladder at your local bank or credit union. Rates are low but there is no chance of loss and they will simply rollover into a new CD upon maturity (I suggest being more active on each rollover however as they won't automatically give you the best rate)
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CyclingDuo
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Re: Senior, worried about investments

Post by CyclingDuo »

novembre wrote: Mon Jun 14, 2021 1:00 pm We are a couple in our early 80s, living in a lifecare retirement community these past two years.
We are both now in good health, but my husband has just been diagnosed with early Alzheimer’s disease, which will likely progress over the next few years.
I feel fortunate that we have enough savings that I shouldn’t be worried about the future. But I am. I feel that I have little control over our financial future.

The reason for my concern is that so much of our assets is at risk, in the stock market. Here’s a breakdown:

(75% bond funds, 25% stock funds)
Total - $3,630,000

We have no pensions, no debts, and no real estate.
Our approximate income from Social Security, interest and dividends is about $125,000 a year.
Our living expenses are about the same as our income.

My main concern is leaving my kids a inheritance that they will need as they grow older.

I am concerned that so much of our money is in the markets, and I worry that something dreadful could happen and we could lose most of it. I know that’s unlikely, but Covid was unlikely too.
My main concern is leaving my kids a inheritance that they will need as they grow older.

So I’m hoping for some advice here on whether I should relax and hope for the best, or persuade my husband to transfer at least some of the assets that are now in the markets to something safer.
We would be on the side of advice that says you can relax regarding your portfolio. I took the liberty to bold most of the important statements above from your post.

If we look at the numbers, a portfolio that is 25% equities/75% bonds is a very conservative asset allocation. Even in a mega-melt down reversion to the mean event where the stock market loses 50%, your current allocation would result in your portfolio losing a little bit less than 10%. Most of us could sleep well at night in such a scenario if you left your current asset allocation as is.

Example of various asset allocations and a portfolio loss during a -50% stock market decline for portfolios of $1, $2M, $3M as examples:

Image

Using the above as a guide, you could calculate what portion of your portfolio is "spendable net worth" (or SNW) using the figure after a major stock market decline. Tom Welsh explains it quite well here:

https://humbledollar.com/2021/06/portfo ... RfMqvExN0o

Since your current income from SS along with the dividends and interest covers your expenses, at this point it is difficult to see that much, if any change needs to occur regarding covering your expenses for the remainder of your lives. It is natural for a glide path later in life to have the equity percentage of a portfolio slowly increase as the bond percentage is slowly spent. Example of the Kitces glide path is pictured below. You can see that at your ages, you are already beyond the red danger zone for retirement regarding retirement date risk/sequence of returns risk.

Image
https://www.kitces.com/blog/managing-po ... -red-zone/

Twice you mentioned your concern for leaving an inheritance to your adult children. We need to address that. Since your expenses are well covered, that might even bode well to consider the portion of the portfolio that will not be needed to cover your expenses being invested at an allocation that is appropriate for your children's ages and needs. In other words, that might mean a higher equity allocation for their needs to capture more growth. Something to consider.

In any event, it seems you can relax regarding the financial needs of you and your husband based on what you have posted.

CyclingDuo
Last edited by CyclingDuo on Tue Jun 15, 2021 6:49 pm, edited 1 time in total.
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WillRetire
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Re: Senior, worried about investments

Post by WillRetire »

OP: You stated you are in a LifeCare community. There are different "types" of lifecare. Some types take care of you for life even if you run out of money HOWEVER lifecare contracts may have some strings attached, such as restrictions or limitations on diverting wealth e.g. to son. Be sure to read the contract that you and your spouse signed to understand if gifting to your son is restricted in any way.

Also, some lifecare contracts do not increase your fees when either of you need more expensive care. Again, re-read your contract. If you feel overwhelmed, perhaps consult an eldercare attorney to help you understand the contract you signed, and to learn if there are options for providing financial assistance to a family member without violating the contract.

Lastly, ask the administrators at your community: what happens if one of us needs to move to memory care? Or skilled nursing? Do we pay extra? Or do our fees remain the same? The contract is what matters, so make sure the verbal answers are in agreement with what you read in the contract.

Good luck.
niagara_guy
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Re: Senior, worried about investments

Post by niagara_guy »

I agree that him being able to buy/sell assets with  early Alzheimer’s is a risk. Discuss this with your estate attorney or with Vanguard and Fidelity. If he trades he could wipe out your assets quickly. You could have web access blocked so he can't trade (I guess it would require POA for his accounts). Maybe give him a small amount of money in a separate account so he can continue to trade but not wipe you out?

If the IRAs are in his name it might be trickier to prevent him from trading it all away. Maybe someone on forum has some more ideas about this.

I agree that you have plenty of assets (assuming he doesn't trade them away) and I also agree that keeping at least 25% in stocks (like S&P 500 fund or similar) will help keep up with inflation. You and your DH have done a great job of saving and I don't think you need to worry about running out of money with what you have saved.

I have not used Vanguard PAS but I would think it would be an option since it's low cost (0.3% per year); another option is a fee only advisor. Stay away from 'advisors' that charge high fees.
Outer Marker
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Re: Senior, worried about investments

Post by Outer Marker »

novembre wrote: Mon Jun 14, 2021 1:00 pm So I’m hoping for some advice here on whether I should relax and hope for the best, or persuade my husband to transfer at least some of the assets that are now in the markets to something safer.
I think your 75/25 asset allocation is perfect. Very low risk and still enough in equities to keep up with inflation. You're on the "efficient frontier" in terms of investing. Any more in bonds or other fixed income, and you're likely getting less return for more risk. Congrats on being able to put together such a thoughtful and lucid picture of your finances. You're obviously still "with it" and able to manage them well. I would relax and not change a thing. If it becomes too much of a chore later on, you can always turn it over to Vanguard PAS at that point.
Topic Author
novembre
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Re: Senior, worried about investments

Post by novembre »

Thank you all very much for your responses. Another question....

A few years ago I read a story about wealthy older man, with dementia, who abruptly gave away all his money, leaving nothing for his elderly wife to live on. As I said in my first post, my husband has been diagnosed with early Alzheimer’s, and although I don’t worry now about him doing something like that, but maybe down the road when his illness worsens, as they say it always does.

What could I do now to prevent this from happening? All but a small amount of our assets are in his name only. He trades, buys and sells every day and I never have any say about it, (nor any interest really) except for my own IRA, which is a quite small amount.

Should I just relax about this too and hope nothing bad happens?

Advice or comments most appreciated.

November
Outer Marker
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Re: Senior, worried about investments

Post by Outer Marker »

Sheeze . . . that is very worrisome. I thought you were in fat city with your solid AA and investment acumen. Maybe you can persuade hubby to make you joint on the accounts and require two signatures for trades and withdrawals. Touchy subject, I'm sure. Buying and selling every day? Yikes. I might make a half dozen trades a year.

This is not something I could relax about. Obvioulsy you don't want to wind up litigating with your husband. Either make you a joint required signator, or put enough money in an annuity that you can live comfortably and don't need to worry.

Sorry.
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retired@50
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Re: Senior, worried about investments

Post by retired@50 »

Is anyone named as a financial power of attorney for your husband?

Having a lawyer draft such a document might help. If/when he is no longer able to manage his own affairs, or sooner, it could be invoked. I think there are generally two flavors of the POA document. One takes effect immediately, the other takes effect if he is incapacitated.

Also, trying to work with his neurologist could be helpful.

Regards,
This is one person's opinion. Nothing more.
delamer
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Re: Senior, worried about investments

Post by delamer »

If you have a trusted attorney who prepared your wills/estate plans, start by contacting her/him. The social workers at your CCRC might be able to help you identify resources.

Given that your husband is an a active trader, the potential for a bad outcome is higher than if you had a “set-it-and-forget-it” portfolio.

Here is some information:

https://www.nia.nih.gov/health/legal-an ... alzheimers

https://www.alzheimers.net/managing-fin ... alzheimers

EDIT: typos
Last edited by delamer on Wed Jun 16, 2021 12:09 pm, edited 1 time in total.
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Re: Senior, worried about investments

Post by iamblessed »

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niagara_guy
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Re: Senior, worried about investments

Post by niagara_guy »

Please take a look at my prior post about his trading risks with Alzheimer’s. I would contact his investment houses first to get their ideas (you might need a POA to do this, not sure). You could probably talk in general terms with the investment houses without a POA.
dbr
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Re: Senior, worried about investments

Post by dbr »

novembre wrote: Tue Jun 15, 2021 10:50 pm Thank you all very much for your responses. Another question....

A few years ago I read a story about wealthy older man, with dementia, who abruptly gave away all his money, leaving nothing for his elderly wife to live on. As I said in my first post, my husband has been diagnosed with early Alzheimer’s, and although I don’t worry now about him doing something like that, but maybe down the road when his illness worsens, as they say it always does.

What could I do now to prevent this from happening? All but a small amount of our assets are in his name only. He trades, buys and sells every day and I never have any say about it, (nor any interest really) except for my own IRA, which is a quite small amount.

Should I just relax about this too and hope nothing bad happens?

Advice or comments most appreciated.

November
This has happened in my extended family. In that case the spouse had to get a court order for custody of the person and custody of the estate. At that point any access by the husband to any assets is shut off. If she can get a durable POA executed that would be a first step, and then you have to be sure to implement the POA with all the institutions involved. But a POA does not prevent the principle from doing what he wants. In our case the husband refused to sign a POA.

I was POA for my mother, but she didn't have any assets as they were all in a trust. That is also the effect that results involuntarily from a custody order.

In both cases I am citing the onset of dementia resulted in not doing things that needed to be taken care of rather than vice versa, but anything can happen. There is a period when a person is capable enough to do things but not competent enough to avoid big mistakes.

There has been a third case in our family where I also have POA, again the issue regarding dementia is cessation of maintenance rather than committing damaging acts. You have to intervene on thing like why is the house being foreclosed and why is the water shut off. But that was after spending away all assets on drug addiction.
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ruralavalon
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Re: Senior, worried about investments

Post by ruralavalon »

Go to a lawyer. Each of you should execute a durable Power of Attorney (POA) for property and a durable Power of Attorney for health care. This may be different in different ststes. Both of you should have wills.

For the Vanguard accounts see about having him execute a "full agent authorization" (so that you can both view and transact in the accounts) or at least give you authorization to view all Vanguard accounts. I don't know what types of authorizations they have at Fidelity.

Check the beneficiary designations for each account.

Go over your contract with the "lifecare retirement community", to see what your obligations are and what their obligations are.
Last edited by ruralavalon on Wed Jun 23, 2021 2:36 pm, edited 1 time in total.
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Re: Senior, worried about investments

Post by TheGiantess »

I don't know how you can protect your assets but you should. I know a woman who was very wealthy but at some point her husband made some bad investment decisions due to dementia and she now has to work. She is younger than you but it was quite a blow considering the lifestyle she was used to. She is a very happy, positive person but this is not the life she imagined. Good luck.
TG
splitatlantic
Posts: 54
Joined: Sun Dec 09, 2007 7:35 am

Re: Senior, worried about investments

Post by splitatlantic »

novembre wrote: Tue Jun 15, 2021 10:50 pm Thank you all very much for your responses. Another question....

A few years ago I read a story about wealthy older man, with dementia, who abruptly gave away all his money, leaving nothing for his elderly wife to live on. As I said in my first post, my husband has been diagnosed with early Alzheimer’s, and although I don’t worry now about him doing something like that, but maybe down the road when his illness worsens, as they say it always does.

What could I do now to prevent this from happening? All but a small amount of our assets are in his name only. He trades, buys and sells every day and I never have any say about it, (nor any interest really) except for my own IRA, which is a quite small amount.

Should I just relax about this too and hope nothing bad happens?

Advice or comments most appreciated.

November
You never know when the right time is to become concerned about the stages of your husbands Alzheimer's disease. Even though he buys/sells with a small amount, if he has the power to make transactions on your IRA and his IRA, then that's a problem. You don't want to wake up some money to find he has made a bold move.
Others have pointed out that you need to be concerned right now. You should take heed.
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