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No. of Recommendations: 2
At times like these, I like to think of another true story. I call it "The Grandmother Story." My wife's grandmother recently passed away at the age of 96. Grandma spent the last nine years of her life in a self-pay nursing home (the cost in her last year was $72,000). I have been managing her financial affairs for the last ten years. My strategy consisted basically holding onto a collection of blue chips purchased in the 1940s, occasionally selling a stock to pay her nursing home expenses. The attorney who is handling Grandma's estate was shocked to find out that there is a sizeable portfolio remaining even after paying those nursing home bills.
Grandma's legacy is surely more than monetary.
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