If we have everything in both names - then if ad husband dies first - all goes to me and when I die all goes to children as stated in will - is there a problem with this? Lawyer tells me there will be no problem when everything is in both names - but if i die first - just make sure ad husband will be cared for. Does this sound right? Now, my question is - if I become ill and cannot care for him, how can I protect what money I have and not lose all that we have. I have heard some scary stories .
ASA our atty (at great expense) created two revocable trusts for us. We each had POA for the other. When my husband became ill my daughter questioned what would happen if I become ill and he had POA. My daughter now has POA for both of us. Hope this helps. Of course, this involves a great deal of trust.
We had our atty come over and eo POA's for us. Our son is the POA for us. we also did a will, living wills, and medical POA's. I gave each of the kids copies, to be sure that they have it. Also, I had him sign all our investments over to me, so everything is in my name, I really don't know that that makes any difference, I'm thinking of what if he needs nursing home care. I don't know what my situation will be in that regard, so that's why I did it. He remembers so little when I talk to him, only when he was a kid. he constantly asks where we met our friends, Do we know his former wife? all kinds of strange questions, Are my parents still alive, etc. I don't know how to answer these questions. Anyway, that wasn't the question. but that's my comment
Thanks to you all for input - yes, poa does take trust - I trust children but wonder a little about in-laws! Well, something else to think about - worked hard for what we have - and don't know how long I will live etc, etc. - I take each day as it comes and work on the problem for that day(guess that's how we all do) Best thing is for me to stay well and wait for what is next. Best of luck to all.
bluedaze, if the trust is revocable and you have control on the assets and when and how they can be used, just be sure you do not apply for Medicaid, the trust and all assets in it will be considered countable. It would have to be irrevocable in order not to be counted, don't care what your lawyer says. Most likely you are not planning to have to do that.