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A lot of good information provided in this thread. We just went through this with my MIL.
We sold her house and moved her into assisted living. The proceeds from the house we put into a money market at Ally which gives her a whopping 0.5% interest. We needed to keep the funds rather liquid.
The cost for her in assisted living are around $8,600 per month. She has some funds coming in from SS, a teachers pension, an annuity and also a long-term care insurance plan. But, we are still pulling out about $2.5K per month out of the money market.
Are you sure that her income is covering all of the monthly expenses?
Another thing, we had an attorney that specializes in senior law review the assisted living contract. She told us that no one other than my MIL should sign the contract with the assisted living facility. Often, people sign the agreements along with their loved ones and find that they have put themselves on the hook financially.
Last edited by Paul_Heery; 11-28-2021 at 10:37 AM..
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