My 83 year old dad has Lewy Body Dementia. He is living in a memory care facility. He has long term care insurance that will cover living expenses for approximately 7 years (if nothing drastically changes). In addition to that, he has other assets (IRA's and equities) that.. at their current value would pay for another 7 to 10 years at his current care need (which I know is not likely to stay the same).
Last week I sold my dad's home. I asked his financial person what to do with the money and she actually told me to leave it alone in the bank. I am a bit confused. Since he will not be needing this money in the near future, shouldn't it be invested somewhere? It feels like a waste to let it sit in an almost stagnant savings account.