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Questioner: Gunn

Question: My dad has about $69000 in an IRA which matures in Sept. He is 87 and in a nursing home in which my sister and I have poa to see to his money. What should we do with his money at maturity?

Answer: Thanks for your question although a little confusing and I am not sure if I will be able to help you.

First IRA's do not mature. The investment vehicle the IRA is invested in might mature like a bond, CD, or annuity. However, an IRA itself is a "tax code" as long as it remains an IRA it will always be an IRA.

Secondly, I would review your situation with a qualified Certified Financial Planner, preferably one on a "Fee Only" basis to go over your situation in more detail. You must review all of your dad's financial resources in order to make sure you have more than enough assets to pay for his nursing home and medical needs into the future. Since you only stated one part of his money, it would not be wise for me to provide information without more details.

Sorry and hope this helps some.

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