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Regardless of what anyone on the board says, have your parents PAY for a fee-only financial/estate planner's unbiased advice on how to get the income they need from the assets they have. This should cost less than $1000.

Your parents really need to write down what are their goals for their assets and what are their income needs. Asset preservation and income do not necessarily jibe. For example, you mentioned land as an asset. Is it land your parents live on? Is it undeveloped? Are your parents holding on to this land to make a killing? Do they want to will this land to heirs?

Your parents assets should be providing an average yearly return, including appreciation, of at least 10%. Half of this should be in the way of rents, dividends, & interest. Otherwise, they probably can't get the income they need.

Zev
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