Quote:
Originally Posted by retiredguy123
I don't know much about Ameriprise or Morgan Stanley, but I would prefer to use a lower cost brokerage firm, like Fidelity or Vanguard. I have never paid an assets under management (AUM) fee, but, if you do, don't pay the fee on all of her assets, just the money that is being actively managed. Fidelity will do that.
If she has any funds in a Traditional IRA or 401K, ask the assisted living facility what percentage of the assisted living cost is tax deductible. It is probably more than 50 percent. If she moves to a nursing home, it will be 100 percent deductible. Using the tax deferred assets first can yield a sizable medical tax deduction.
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Understandably you need help. Vanguard will do this for .3% the 1.5% you are being charged is criminal.