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CNC asks,

What would you recommend for my very lame SIL who can't manage her money for shyte? Actually had a mental breakdown a few years ago. Totally irresponsible. I have mentioned an annuity to her (elderly) parents, and they don't like the idea.

I have a Mutual Fund broker I trust (Is that a contradiction in terms? "Mutual Fund broker" and "trust"?) Thinking of asking for his advice.

In general, I have been thinking of a Vanguard Life fund. Is there a way to prevent her being able to liquidate it?

She isn't crazy, just very irresponsible.


You can certainly set up a Vanguard account to pay out interest and dividends while keeping the corpus intact, but if it's in your SIL's same, she can still liquidate it. As others have suggested, you need some kind of trust arrangement to prevent SIL from liquidating the account.

Exercising control over someone else's money behavior is always going to cost extra in fees, expenses and costs unless a family member wants to get in the middle of it gratis. I wouldn't.

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