Sorry- this is really long
My dad has a financial firm where he has a Roth, stock and annuities. My dad is still at a point he legally can make decisions. He is mild (late) stage. Not quite to the moderate stage. The doctors think he is great since he started Leqembi. So, no one is going to write a letter saying he is not competent. He lets me decide everything financial right now. Which is nice.
I talked to his financial advisor a few weeks ago and he said they could do monthly payments from his accounts. We decided to have a meeting to finalize it. He had lost a considerable amount last month. I believe it was$30,000 and his accountant’s are aggressive. I had called to change them to conservative.
In this meeting he wanted to know his pension and SS payment and all his expenses. He also wanted to know about his other accounts elsewhere. He already had that information. He wanted to know the amounts in his checking and savings account. He is going to talk to his team and figure out the best way to handle it.
I had a budget already made out, so I had the information and was able to answer his questions. We had a 3 person call with another financial firm where he has an annuity.
I wanted to pay all of his bills from the accounts he has with them. I was going to put his income (pension)into his savings account, so he would have another year for backup. He was in assisted living around ten years ago and his running out of money, snuck up on us. So, I wanted him to have a cushion to fall back on.
Also, this other firm is also a back up plan. My dad knows and agrees with me. It has a guaranteed 4% interest rate. This other firm has a variable rate. It could be lower or higher than them. I prefer to have a steady rate. He doesn’t need to make money, he needs to keep what he has.
I wanted to use the accounts with this advisors firm first. I feel like he is not wanting my dad to have his money. He wants the other firm to send their account to them to handle. He has around $400,000 with that firm.
I hired two caregivers full time around a month ago. I just could not do it anymore.
I still am there two days. But, having the break is life changing. I can’t afford to be messing around with this. He will run out of his savings soon.
I need opinions on all of this. Do most financial firms act like this? I feel like they don’t want him to have his money.
Do you think I am wrong about wanting to keep the other money separate?
He is going to be 88 years old in December. His mom lived until she was 91 years old. He is In remission of Chronic Lymphocytic Leukemia (CLL). He still takes Chemotherapy and from what I can tell is going to permanently. He has chronic kidney disease. He is on blood thinners because he had an arrhythmia, which is now fixed. He is pretty healthy in general. I just want him to have his money to take care of himself. His advisor knows he is going to be using his money for care. He may live for several more years. His uncle lived until he was 96 years old.
He was present for all of these conversations and looks to me when any one asks him anything.
Please give me your opinions!
I am so stressed that I am giving myself hives whenever I start thinking about his care.