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Question about finances
toolbeltexpert
Posted: Monday, May 23, 2022 6:21 PM
Joined: 4/17/2018
Posts: 639


I am sure someone has a good answer.

●I hear about others on here moving money from a checking account that is a joint account to another account in just one name

● I also hear folks putting their home deed in just one name.

 

●Are there pitfalls with either one?

 

●If I die first, would this make it harder for my sil who is 2nd on dw dpoa to access an account in my name only.

 

● Would that be something I should do in a certain way to help protect our assets?

● I also hear others talking about putting the deed in just one name, are there pitfalls to doing this?

●I have a small amount in a 401k I did say small, I believe that is in both names. This is from when I worked in a factory. Is there a good strategy to deal with this.

On my dw dpoa her sister is nominated as executor if we both die!

Oh and Tennessee is where I B


Crushed
Posted: Monday, May 23, 2022 7:27 PM
Joined: 2/2/2014
Posts: 7237


Houses and accounts are not the same

protecting assets from your LO  and medicaid planning are not the same
 
There can be significant tax costs and liability in transferring a house   you need local advice 
 
 For social security you should have an account for your wifes benefits with you as Representative payee

You should have a separate account in your own name  
 If your wife has NON SS income in her own name that goes into the joint account and then shifted to the sole account

An IRA is always in your own name  

Your separate account should be Transfer on death to your wives account.  Should be no problem with a POA

 
IM trying to get a reference of the problem of houses.  


loveskitties
Posted: Monday, May 23, 2022 8:47 PM
Joined: 6/14/2021
Posts: 527


For the ladies out there,

if you and your DH have one or more credit cards you will want to check to see whose name they are in...if it is in DH name with you as an authorized signer, you may find (as my mother did) that on dad's death the card was no longer valid.  Before you find yourself in the same situation, you may want to consider getting a card in your own name only.

Auto ownership is another area to investigate.  While it varies by state, we had issues in Virginia even though cars were titled as "dad and/or mother".   Even with DPOA it was very difficult to change before death.  

Another thing to check into is how utilities are listed.  In some cases they are just in the man's name.  You can probably get your name added to the account without too much difficulty before death.

You might also want to research how your health insurance policy is written if it is attached to a retirement plan by the employer.  In some cases if the retiree dies, certain benefits terminate, unless you are already paying plan premiums.


JJ401
Posted: Monday, May 23, 2022 9:30 PM
Joined: 6/19/2018
Posts: 302


401k has only one name on it by law. Your spouse is your beneficiary unless he or she has signed off on it. 

Utilities — I would not worry about the name on these. When my first husband died, I just left the accounts in his name. I didn’t change them until I sold the house twelve years later. As long as the bill was paid, the utility didn’t care whose name was on the check. 

You really should see an elder care attorney about your specific circumstances.

 


Victoria2020
Posted: Monday, May 23, 2022 11:21 PM
Joined: 9/21/2017
Posts: 1302


This is not an area to try self direction. Property taxes, step up tax basis-- lots to consider, and reconsider whenever there is a major tax code change.

If everything is moved to the DPOA spouse and they die or become impaired, especially with second families, it becomes a mess. A trust can help with protecting  step children.

I cringe when I read people did a quickie something to get through one small temporary issue and left the big issues hanging to save a few bucks.  If what you have matters to your standard of living or what you leave afterwards , it's better to get legal and tax advise and do it right. 


Ed1937
Posted: Tuesday, May 24, 2022 6:56 AM
Joined: 4/2/2018
Posts: 5748


I'm with Victoria. Once you have a CELA handling things, you will feel secure. Without good legal advice, you'll always wonder if your plan is airtight.
toolbeltexpert
Posted: Tuesday, May 24, 2022 8:57 AM
Joined: 4/17/2018
Posts: 639


Thanks everyone, I should have said I am going to see a cela. I had a cela do the dpoa in 2020,I was just wondering if anyone had run problems, doing things legal doesn't  mean it doesn't have unforseen consequences. 

I recently reread the dpoa because someone had posted about the language about medical records, my dpoa did have that language. Still I am having a fit with my dw part d provider. They sent me forms to fill out argh.

If someone has done these things already and later found it caused a trouble let me know, cause I am planning on doing this.

Not gonna chance anything. My cela is a pro. 


Jo C.
Posted: Tuesday, May 24, 2022 4:31 PM
Joined: 12/9/2011
Posts: 12882


You are very wise in getting that Cela appointment.  This really is a long situation of "better safe than sorry."  That is an understatement.   Protection of assets in a legal manner will save you so much trouble in the future. 

Getting all the ducks in a row kept me pretty busy for awhile, but it was all well worth it.  Let us know what your Cela recommends, it will be a learning experience for many here.  You are blessed to find a good Cela you trust, it is not always easy to do so.  Some areas have no Celas, so it can be a hit and miss depending on where one lives.

J.