F
france11
Guest
What is the name of your state? CA
Here's the problem...that I just found out about. I discovered that my widowed elderly father (85yo) has 2 CD's that he bought back in Sept. '01...about a month before my mother died. My father is in decline especially his memory and ability to make sound decisions. It was even evident back in '01. The stress of caretaking my mother who had Alzheimers took a real toll on him. I moved a year ago so that it would be easier to watch out for my dad due to the obvious decline.
Now we (my siblings) have finally convinced him to move to into a retirement home w/ assisted living options. This is a big initial expense for him as my parents never planned thru insurance for this eventuality. Now he needs the money from the CD's. Each one is a large sum. The maturity date isn't until 9/2017!!!! Those were 16year CD's!!! They were bought through his broker at a well-known national firm. Here's my question. What on earth was the broker thinking? To allow my father to purchase 2 large 16year CD's where the funds wouldn't be available to him until he was 99yo!!!!!! This is so unbelievable to me.
So now my question is...is there any recourse? What about the broker's responsibility? What would you do? Thanks.
Here's the problem...that I just found out about. I discovered that my widowed elderly father (85yo) has 2 CD's that he bought back in Sept. '01...about a month before my mother died. My father is in decline especially his memory and ability to make sound decisions. It was even evident back in '01. The stress of caretaking my mother who had Alzheimers took a real toll on him. I moved a year ago so that it would be easier to watch out for my dad due to the obvious decline.
Now we (my siblings) have finally convinced him to move to into a retirement home w/ assisted living options. This is a big initial expense for him as my parents never planned thru insurance for this eventuality. Now he needs the money from the CD's. Each one is a large sum. The maturity date isn't until 9/2017!!!! Those were 16year CD's!!! They were bought through his broker at a well-known national firm. Here's my question. What on earth was the broker thinking? To allow my father to purchase 2 large 16year CD's where the funds wouldn't be available to him until he was 99yo!!!!!! This is so unbelievable to me.
So now my question is...is there any recourse? What about the broker's responsibility? What would you do? Thanks.