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Just went through this with both of my grandparents. We sold off all of their assets (several homes in Downtown San Jose), the money went to some sort of fund (don't know the details on this). The kids withdrew $9000/month to support both of them. This was enough to cover the expenses for 3 years. They both passed away within 6 months of each other. The remaining money was divided among the kids and grandkids.
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