Need some advice--today we are supposed to go to the mortgage broker to sign paperwork to refinance our home. Initially, I said to include DH on the loan because he understands what's going on (at this point). I woke up this a.m. and thought--I expect him to predecease me, wouldn't it be easier just to do it in my name alone? Don't know what will occur with it when he passes away--is it just a phone call. sending in the death cert, or more? I don't anticipate needing Medicaid for him at any point--already saw elderlaw atty--he has really good LTC ins. I could switch it to just my name (I guess they would still include his income) if it would be easier later on. Anyone had experience with this?
Excellent question. Hmm! Many people have written about transferring assets, deeds solely into their names. I'm a bit confused by the entire issue of transferring property. I guess it has so much to do with not when the ADLO passes on, but rather how things are affected if they are "Placed."
Anyway, so far as DH goes I too "expect" DH to predecease me, but our deed(s) say "Joint Tenancy with Rights of Survivorship." I kind of thought that would cover me when DH passes on............ but if placed eventually I guess the whole medicaid issue goes into play.
marilyn, my DH would not let me put ANYTHING in my name only if he understands what is going on. Some things he understands and somethings not. Will the mortgage company do it in your name only if his name is on the deed? I wouldn't think so but I am no lawyer.
Yes, I think it can be in my name only. We refi'd 5 years ago, (prior to dx) and it was done only in his name, although we are both on the deed. I'm going to ask the mortgage broker what he thinks, but want to know if anyone here had experience. I think putting the deed in the spouse's name only would be done to exclude it from consideration for Medicaid eligibility, but as I said, that's probably not an issue here.
You might want to consider setting up a trust. If anything should happen to you, it would make the transition of your assets to a trustee who would care for your husband a lot easier, and minimize the tax implications.
I bought a house this year, and you would have thought I was dumping a newborn in the trash! When they found out I had a wife, they insisted on her being there at the closing! I explained that she had just gone into a NH, and it was out of the question.
You'd think that I was the first person in history to ask to close on a house without a spouse present! All they knew to do was get the spouse to sign a notorized agreement about knowing about the closing. I also pointed out that that was IMPOSSIBLE. She could no longer sign!
We brought the power of attorney, which you'd think would be open and shut proof, but they scrached their heads, and peered at it, and thought about it, and finally sent it off saying, "Well, we'll see if that is good enough."
Lord. I had no idea I was the test case for an AD spouse to want to continue with my life...
trisinger, I think that would be the response if I were trying to do the same thing you did. Banks I have dealt with always wanted am many names on papers as they could get if I was borrowing money. When I opened checking and savings and stock accounts in my name only there was absolutely no questions or problems. After filling out a paper giving me POA the investment company let me buy and sell stock that was in his name only.
When i sold one of DH properties we had in a partnership, i took the atty that did our DPOA with the paperwork just in case any came up.took the atty to oversee the sale as he is a real estate atty as well. i had no issue at all with the atty there from the buyers at all. i would do the same in the future if needed. somehow having an atty with you makes it less questions. Divvi