After 97 years of an exceptional life, my wife's grandmother has been living comfortably for 15 years with my wife's mother as her primary caregiver in Missouri. Grandmother and her late husband raised six children in the Bay Area. Between the sale of property and decades of pension, military retirement, and social security, grandmother now has all of her healthcare, needs, and desires met and no concern about cash flow. She gets to see her 2 year old great grand-daughter often too!
My wife's mother would love a safe recommendation on how to make a good decision about the funds currently in a savings account, currently ~$2 million. Settling the estate eventually in the next few years shouldn't be contentious between the six sibling families, but she feels responsible for ensuring safety for the excess above FDIC limits. The whole family are pretty great, calm folks with mostly personal taxes / finance experience - and my wife (and I) has no interest in an inheritance. Prioritizing family member's health and needs will always come first.
As the trusted in-law, I've been asked to give advice. I'm comfortable doing so and then stepping entirely back.
Questions:
- A bit of protection against inflation seems the most prudent for consideration of the estate. TIPS or an alternative for some or most of the funds above an emergency cash balance for unexpected needs?
- Any gifting that should be considered now?