My father passed away very unexpectedly 1 month ago. Since his passing, my mother has received several large checks from his life insurance. She will receive most of his monthly retirement so she won’t be living off of this money. I do however want it to be readily available to her if she needs/wants. I want to make sure we are putting her money in a safe place where someone with a pen cannot come along and rob her, e.g., stocks, CD’s, etc.. At my mother’s age and with the large sum of my dad’s benefits, there’s no need for her to invest. If this money is in a savings account, is it absolutely 100% safe?
I’m thinking of having her put it into 2 savings accounts. Should it be split up between 2 banks (an account with each bank)? I think of the old adage, never put all your eggs in one basket. Any info would be very much appreciated!
Saving accounts hardly pay any interest these days. The bank charges can erode the balance. You should consider speaking to an attorney that specializes in asset protection. There are many investment vehicles you can explore, from gold, bonds, annuities, stocks (safe stocks) etc. You can still keep some liquid in a savings account but the rest should be earning interest in some way. Good luck.
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