I alerted the CPA and he went to visit them. After his visit, he told me he could no longer keep them as clients and he felt as I did that they were making a huge mistake.
Fast forward to this April, the CPA sees the wife at his door, crying for help. She had a box of unopened envelopes and so much other paper she did not know which end was up. They bottom line is: they ended up owing $80,000 in income tax, have a number of annuities with 10 year surrender charges, and no longer have any liquid funds.
The CPA and I had tried to be advocates for this couple – their adult children did not.
Please pay attention to what is going on with your parents. An attorney has been brought in to try and help this couple. I hope it is not too late.