[31reasons]

Shouldn't their investments already been moved to Bonds/Money markets? At 85, if you have to worry about stock market, you are doing it wrong.

[e40]

That's a good point. My mother is 80 (in a few months) and it's all about life expectancy. Her mother lived to 95. She is in good health. Should she assume the best or worst case? The choice she makes will greatly effect her lifestyle.

Hard problem.

[hkmurakami]

Depends on whether they want to pass on appreciated equity at a step up basis to their offspring.