April Fool
Dryer sheet wannabe
Hello
As my husband and I sat going over our retirement assets and we were kicking about the idea of passing on assets. I worry about someday getting sick and perhaps needing nursing care. I've always heard that nursing homes take all of your assets. How do you protect yourself from this kind of thing? I've also heard that long-term care is really expensive so I don't think that's an option.
We spoke of putting our homes in heirs' names and perhaps adding their names to our accounts. But this makes me nervous as I'm not sure I can trust them like that. Truthfully, none of them are very responsible. I've heard horror stories of people getting put out of their own homes and their money being taken.
I don't have biological children and my husband has natural one son. We practically raised my dead sister's children and do feel like they are ours. I have one neice who I know I can trust with everything but her husband is a different story.
I guess my question is how can you put assets in relatives name and still be protected? Is there a way I can buy CD's or IRA's in their names without their knowledge? I do have a joint bank account with my neice that she does not know is still open. We started it one summer to help her with college.
One other question. I asked my retirement system about what would happen to my pension if something happened to both my husband and myself. They said it would go to my next of kin. As I don't have natural children, I hope it's not my stepson. I want my neices and nephews to inherit all of my assets. I realize that as my husband's son, he is entitled to something but I don't want someone I barely know to inherit from me pesonally.
Thanks
April
As my husband and I sat going over our retirement assets and we were kicking about the idea of passing on assets. I worry about someday getting sick and perhaps needing nursing care. I've always heard that nursing homes take all of your assets. How do you protect yourself from this kind of thing? I've also heard that long-term care is really expensive so I don't think that's an option.
We spoke of putting our homes in heirs' names and perhaps adding their names to our accounts. But this makes me nervous as I'm not sure I can trust them like that. Truthfully, none of them are very responsible. I've heard horror stories of people getting put out of their own homes and their money being taken.
I don't have biological children and my husband has natural one son. We practically raised my dead sister's children and do feel like they are ours. I have one neice who I know I can trust with everything but her husband is a different story.
I guess my question is how can you put assets in relatives name and still be protected? Is there a way I can buy CD's or IRA's in their names without their knowledge? I do have a joint bank account with my neice that she does not know is still open. We started it one summer to help her with college.
One other question. I asked my retirement system about what would happen to my pension if something happened to both my husband and myself. They said it would go to my next of kin. As I don't have natural children, I hope it's not my stepson. I want my neices and nephews to inherit all of my assets. I realize that as my husband's son, he is entitled to something but I don't want someone I barely know to inherit from me pesonally.
Thanks
April