No. of Recommendations: 0
I will briefly describe and x-post elsewhere for visibility/help.

My MIL, she is all invested in 2 star and 1 star funds with high fees/12-b-1, sales loads. he "investment advisor" really is not doing her a favor here for what he is getting paid ultimately to manage her portfolio. I would like to help, but I am unfamiliar with her stage of life, 65+ as I am still in the socking the money away phase.'

Bottom line:

1. I need to invest her money to ensure minimal risk of principal.

2. We are looking at like $65,000. This is it, all she has, only SS comes in monthly and a small pension.

3. She needs a $700 payout monthly, for expenses she has.

4. I am thinking an 80/20 split between Fixed income/equities.

5. How do I minimize tax implications? I will set up a new account, I believe it is an IRA (non-roth) at present, so would I keep it as a traditional IRA even though she is not putting any new monies in?

6. Any advice is appreciated. I am thinking Schwab to manage as that is who I use at present and they have a great selection/low fees.

Help!! ;-)
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