Follow
Share
My attorney instructed me to condense all of my mother's CD accounts into one account. This sounds absolutely absurd as my mother would lose all of her investment and interest earned.
Find Care & Housing
I agree with Alva. THere are multiple reasons to NOT do this. Yes it is good to maximize interest rates. But some risk if > 250,000 in one bank. I think for advising on this, it should be a financial planner, not an attorney ?

Consolidating to one CD makes things easier to track. But may not be the best.

One other thing to consider - some Money market/ online savings accounts can have interest rates close to CDs, and the money is not tied up for a specific length of time , again, a financial planner / accountant would best advise
Helpful Answer (0)
Reply to strugglinson
Report

I wouldn't do that until the CDs come due. I also think it bad advice to put money into a single bank when the funds are only covered by FDIC for 250,000. I am also thinking these CDs may have been placed so that they were POD to different beneficiaries.

I see no need to do this. The thing you must do is to keep meticulous records of each account. As far as I know your duty is the same as a POA which would be to get as decent SAFE rates as you can on her funds. If this attorney is your advisor for your guardianship I would ask him a HUGE "WHYYYYY????" And if I didn't get a dang good answer I would switch attorneys quick. Now, he's an attorney; he may know something I myself don't know--that's for certain. So do ask him why.
Helpful Answer (0)
Reply to AlvaDeer
Report

Ask a Question
Subscribe to
Our Newsletter