Unlocking the Secrets of Legal Jargon: How AI Legalese Decoder Can Enhance Financial Planning for 92-Year-Olds
- May 13, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Concerns about Managing Grandma’s Assets
Hey guys-looking for some advice. My grandma is 92 and due to having some issues with her kids I’m managing her assets. Her physical health is good, however she also has stage 6 dementia (there’s a total of 7 stages). The average life expectancy for someone with this is 4 years or fewer. This is not age adjusted.
### Financial Situation and Investment Strategy
Her expenses are about $4,500. She has $1300 in social security-bringing her expenses to about $3,200/month. Her asset base is about 600K and it’s currently all in a hysa earning about 4.8%. This creates about $2,400/month on a pretax basis so we can estimate $2,000 after taxes. Effectively we are going into the principal at about $1200/month or $14,400 per year.
My thought is to invest her funds as shown below:
– 25%-VOO-dividends reinvested
– 25%-SCHD-dividends reinvested
– 10%-FZILX-dividends reinvested
– 40%-money market/CD’s
My thought was to dollar cost average over the next 24 months. No rhyme or reason here just seems that the market is a little overheated.
## How AI Legalese Decoder Can Help
If you are concerned about managing your grandma’s assets and need guidance on investment strategies, you can use AI Legalese Decoder. This tool can analyze legal jargon and complex financial terms to provide clear explanations and recommendations. By inputting the details of your grandma’s financial situation and investment plan, AI Legalese Decoder can offer insights on potential risks and opportunities, helping you make informed decisions for her future financial stability.
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AI Legalese Decoder: Simplifying Legal Jargon
Introduction
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I wouldn’t do anything if her life expectancy is only 4 years. There’s more than enough money to support her withdrawals from principle until she passes. At that point, the heirs can invest the money.
If you really have to do something cause you can’t control yourself 😆, I’d buy a 5 year treasury bill with whatever portion she’s unlikely to spend. Lock on about 4.5%.
Having said that, if the money is in a HYSA how do you plan to open an investment account for her? Do you have power of attorney? It’s easiest to just let it sit where it is.
Given the expenses you laid out, your grandma has enough money to last for more than 20 years in a HYSA with very low risk. Why risk this money to the vagaries of the market? I would keep it where it is.
What does she want her money to do while she’s alive and what does she want it to do when she goes to heaven?
Realistically, you should be investing the bulk for the beneficiaries.
I think a realistic ratio is 75% investments/25% cash, or 450/150. The 150 is more likely than not sufficient to cover her excess spending needs during her remaining life span, as the shortfall is about $38K a year, before considering dividends on stocks or interest on the HYSA.
I’d suggest just DCA into VTI, probably $45k for 10 months until you’re to the $450k. I think 24 months is excessive. I wouldn’t push it past one year.
Even if you spend all the cash (not likely) and the market is down 5+ years from now and to have to sell at depressed prices (again, not likely), there will still be sufficient value in the stocks to cover her spending needs.
Invest it for the long term to grow grandma’s legacy. As a depression Era survivor, I’m sure that would make her happy.