Edit - changing some information up as it changes. My situation changes daily but wanted to simplify this as much as possible.
Wanted to start a thread to discuss any advice you could give someone if you could. Mine is focused on end of life but please make it about everything. Lots of amazing knowledge on this board. Sorry for length as I have learned quite a bit… and still am.
1. LTC insurance. My dad is covered for 6 years without touching his pension and social security. Started in late 40s via ATT and Pacific Life. The amount of paperwork once we made it to the facility was insane, but he was just approved and my mom will get back payment for the next 2 months, which is something we did not expect.
This covers up to $9100 a month for private pay senior care facilities. Based on how much you put into it.
2. JOINT ACCOUNTS Joint everything for married couples that are advancing with age. I grew up on it and understand why some people don't have joint accounts… but this will haunt you later. To simplify matters when my mom passes away, she has already put me on the bank accounts.
My mom has POA (See #4) on all accounts now. It took us 40 days to get approval on everything. I'd talk to a lawyer but recommend doing this while things aren't critical if needed.
4. Power of attorney will allow the spouse to take the name of accounts/investments in joint names. They did this last year after he nearly died and it's helping my mother big time.
5. Hiding money. My dad had several failed hidden investments in his name. Told no one. Lost at least $100k. My mom worked with her financial advisor to fill out paperwork via the bank to get control of his IRAs via power of attorney. She now has a financial advisor handling everything.
She has also found $20k in bonds from the treasury hidden in a sock drawer (quite literally) and knew nothing about it. We are going to ultimately tear through any and all of his stuff in the house.
TELL your spouse everything!
6. Ladybird deeds - will be put into effect at my parents house to take his name off the house to protect assets as we legally have the time. Edit here - I get the house upon my mom's death with no issues/skips my dad. Met with multiple lawyers on our situation and they all agreed before we picked one we liked.
7. TRUSTS - had multiple lawyers explained the laws in Texas. Because of the total value of assets in my parents name (anything under $13 million), new laws in Texas basically mean you don't need a trust as it can be passed on tax free. This doesn't count for IRAs per my understanding but learning as we go here. THIS VARIES STATE TO STATE
8. PASSWORDS Have a place to save all your passwords. System is TBD based on preference but have some organization!. Accounts to pay bills, unlock phone, etc. My father had 100 pages of passwords and accounts from everything he signed up for through the years. I went through and cancelled/deleted accounts over the past 3 weeks on about 80% of it that was not worth having. The goal was to simplify my mom's life and lower the number of accounts. So far it's working well.
9. EMAIL AND PHONE ACCESS. My mother in laws funeral was much smaller as it should have been as we couldn't access her phone. She changed her code a week before her stroke and told no one. Apple requires a death certificate to access. We explained her situation (100% non responsive from stroke) and didn't matter.
Wanted to start a thread to discuss any advice you could give someone if you could. Mine is focused on end of life but please make it about everything. Lots of amazing knowledge on this board. Sorry for length as I have learned quite a bit… and still am.
1. LTC insurance. My dad is covered for 6 years without touching his pension and social security. Started in late 40s via ATT and Pacific Life. The amount of paperwork once we made it to the facility was insane, but he was just approved and my mom will get back payment for the next 2 months, which is something we did not expect.
This covers up to $9100 a month for private pay senior care facilities. Based on how much you put into it.
2. JOINT ACCOUNTS Joint everything for married couples that are advancing with age. I grew up on it and understand why some people don't have joint accounts… but this will haunt you later. To simplify matters when my mom passes away, she has already put me on the bank accounts.
My mom has POA (See #4) on all accounts now. It took us 40 days to get approval on everything. I'd talk to a lawyer but recommend doing this while things aren't critical if needed.
4. Power of attorney will allow the spouse to take the name of accounts/investments in joint names. They did this last year after he nearly died and it's helping my mother big time.
5. Hiding money. My dad had several failed hidden investments in his name. Told no one. Lost at least $100k. My mom worked with her financial advisor to fill out paperwork via the bank to get control of his IRAs via power of attorney. She now has a financial advisor handling everything.
She has also found $20k in bonds from the treasury hidden in a sock drawer (quite literally) and knew nothing about it. We are going to ultimately tear through any and all of his stuff in the house.
TELL your spouse everything!
6. Ladybird deeds - will be put into effect at my parents house to take his name off the house to protect assets as we legally have the time. Edit here - I get the house upon my mom's death with no issues/skips my dad. Met with multiple lawyers on our situation and they all agreed before we picked one we liked.
7. TRUSTS - had multiple lawyers explained the laws in Texas. Because of the total value of assets in my parents name (anything under $13 million), new laws in Texas basically mean you don't need a trust as it can be passed on tax free. This doesn't count for IRAs per my understanding but learning as we go here. THIS VARIES STATE TO STATE
8. PASSWORDS Have a place to save all your passwords. System is TBD based on preference but have some organization!. Accounts to pay bills, unlock phone, etc. My father had 100 pages of passwords and accounts from everything he signed up for through the years. I went through and cancelled/deleted accounts over the past 3 weeks on about 80% of it that was not worth having. The goal was to simplify my mom's life and lower the number of accounts. So far it's working well.
9. EMAIL AND PHONE ACCESS. My mother in laws funeral was much smaller as it should have been as we couldn't access her phone. She changed her code a week before her stroke and told no one. Apple requires a death certificate to access. We explained her situation (100% non responsive from stroke) and didn't matter.