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Okay, I need your responses and help with this one
Caregivers: Mild Cognitive Impairment (MCI) & Dementia | Last Active: May 25 4:32pm | Replies (88)Comment receiving replies
Thank you bclane.
Our savings accounts have us as joint owners. The house is in both of our names but I am not certain that is with the right of survivorship, just as husband and wife.
My big concern is his IRA, which he started to contributing to as a 401(k) plan only after we married. As long as he worked, the gov. said that I, as spouse, had to be beneficiary. When he retired he was required to roll it into an IRA and while I currently am the beneficiary, I know he wants to leave something to his kids and that the IRA can be changed at any time. THAT is the largest amount of our savings and he only was able to do it by being married to me.
As for the house, I owned a home that was almost paid for when we married. I never intended on moving nor putting his name on the title. When his company transferred him I had to sell the house and that was what we bought the next house with, and what we purchased this current home with...money from my original home.
Yeah, I should have done a prenup on the house, but as I said, I never intended to move and who knew that his company was going to move. The money from my home paid for the home where his company moved, and that money paid for the home we currently are so we don't have any mortgage.
Replies to "Thank you bclane. Our savings accounts have us as joint owners. The house is in both..."
I did get POA over him and I’m POD on his accounts and joint owner of a cd. I too am worried. He emptied out our garage while I was at work! I know what you are going through. His kids do nothing and are far away. His friends say they will come when he dies and honestly I would give them something knowing they would have to pay a caretaker and I don’t get paid! I’m doing everything! Alone and afraid. Try speaking with a lawyer and see if it’s too late. Even though I feel like I have the bases covered you just don’t feel comfortable about it.
@kartwk
I recently found out I was wrong about it being enough to have both names on the house. We have moved into a CCRC and are selling our house. Both names are on it, but it turns out just having that isn't enough when it comes to real estate, even though it's enough for vehicles, bank accounts, etc. My husband can no longer sign his name, so I had to get a limited POA for the house closing. A notary verified he's who he and family say he is, and then he printed his name as best he could on the limited POA, and it was notarized. It made sense that it's possible to do it that way since some people can't sign their names due to illiteracy or never learning cursive or even physical issues. The notary said sometimes it's no more than a scribble or a mark.
Just wanted to clarify that part of what I told you was wrong. I just didn't know it at the time. Now, it may be different in different states, so it would be wise to check with a real estate agent or an attorney just in case you have to or want to sell at some point.
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I recommend that you take documentation to a lawyer and clear this up before he passes.