Should Peter put his dad's money mostly into fixed incomes?

Peter holds power of attorney for his 88-year-old father, whose guaranteed retirement income already covers the cost of assisted living comfortably, leaving about $500,000 in savings the father does not actually need to draw on. The instinct is to play it safe and shift that money mostly into fixed income, but Allan questions whether preservation is really the right goal when the money's job has quietly changed. If the funds are unlikely to be spent in the father's lifetime, keeping them invested for growth may serve the family better than parking them for safety that no one needs yet. He also raises a less obvious option: gifting some of it now, while the father is alive, which can save tax and let the money skip probate entirely rather than passing through the estate later. Along the way, the piece touches on what power of attorney actually permits an attorney to decide on someone else's behalf, and where that authority has limits. It is a thoughtful read for anyone managing an aging parent's finances who assumes safety is automatically the right call.