[kingofbeer]

Originally Posted by Notsosloopy

I'm now the trustee of my mother's trust and accounts as she entered assisted living. This is a daunting responsibility & my hope is she'll have enough $ for her care; I expect her live another 10 years with needs full care the last few years.

She has accounts in Morgan Stanley, but not enough be with the branch and advisor I like, so it's all virtual and no management fees. When her home sale closes, I will then have enough funds for the branch and advisor at Morgan Stanley to help me. I feel he is a fiduciary that has stressed to me strongly my duty to my mother, not myself or my siblings.

She has accounts at Ameriprise being managed at 1.5%. I am planning on transferring those accounts to Morgan Stanley to the advisor and branch I like. However I'm so nervous to make a mistake and don't know if it's prudent to have all accounts at Morgan Stanley.

Since my mother's fixed income from her Guarsnteed Minimum Income Benefit (AXA Equitable which my dad purchased right before he died at the beginning of the recession, end of 2005) My dad feared losing his accounts further to the recession and having enough fir my mom, so he the bulk of his investment was the annuities)
Now my mother's income isn't enough for AL and care going forward so I need to pull monies from accounts to pay the deficit. She has two LTC policies that can help in the future when she goes into nursing care.

I apologize if this is too much info, im so new to this and as I said it's daunting. Many of you are savvy and experienced and I would like your thoughts on Ameriprise and Morgan Stanley, and this plan to move everything to Morgan Stanley.

The advisor goal is to "ladder" her investments so that I'll have access to the cash as I need it to pay her AL care and needs, over and above her income, but also earning more than inflation, as things considered. He believes there will be enough to last ten years, even with long term nursing care in the future.

TIA

Please contact an elder law attorney. You need to protect these assets before she enters into a nursing home.