So I recently became responsible for managing my mother's finances. She lives in an independent care facility, which is mostly paid for by my dad's pension. I sold her house, and now have roughly $200k to put somewhere. The house sold much faster than I anticipated, so I'm a bit ill-prepared to deal with the money.I've been dabbling in Foolishness for a while now, (I've some of my own money in MDP) but I've primarily been learning about stocks. I know next to nothing about funds, bonds, annuities, etc. Obviously I need to be fairly conservative because this money has to last her an indeterminate length of time (She's only 71. Her health is poor, but it would not surprise me in the least if she outlives me). I spoke with the advisor at my bank just to get a rough idea of what I could realistically expect. He suggested I put the bulk of the cash in a JP Morgan bond fund, and the rest in higher-growth funds. This would get her a steady $550 a month to live on (more than enough as most of her expenses are included in her rent), and some decent growth, with low risk. I've also been looking around for an advisor, but I'm fairly leery of trusting anyone with this kind of money, and could use foolish advice. Given this situation are there any particular types of funds I should be looking at, or avoiding? Are there particular funds that are favored by retirees? What are the typical fees associated with funds? The JP Morgan Core Bond Fund is 3.25%. That seemed like quite a chunk of change to me. Any general advice to help ensure I don't screw this up would be great.
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