My father has dementia and is currently in a facility that caters to this type of disability.He has a home (currently rented)and the rent pretty much pays for the mortgage and property taxes. His social security is about $1,ooo a month. He has about$200,ooo being managed by a financial planner. His stay at the facility costs approximately $4,000 a month.My father's mother just passed away and has left about $350,ooo in a trust for him. His sisters will be overseeing the trust but are unsure of how to handle this cash.Questions:1. It has been suggested that the mortgage be paid off so that the bulk of the rent will be applied directly toward his care. (about $160,000 owed on the mortgage). This would eliminate all of the interest on the mortgage he is currently paying each month. Betweeen the rent and his social security check, his monthly care is nearly covered. Is this a sound decision?2. The(remaining) cash from the trust estate needs to be overseen. His sisters are currently considering a variety of mutual funds (!!) by some large brokerage houses. any suggestions here?3. Some of the pricipal will be needed from time to time because of the very expensive care required by his dementia.... and we expect it to go higher if he needs skilled nursing care in the future. He just turned 67 and has been under care for the past 4 years. His dementia has been evident for 6 years. Dementia typically lasts from 7-12 years. Any kind of investments would need to be fairly liquid.Again, any suggestions would be greatly appreciated.Thanks...~julie~
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