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N Cal Atty
N Cal Atty, Lawyer
Category: Legal
Satisfied Customers: 9217
Experience:  attorney at self
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My husband has Altzeimers and is in the moderate stages. I

Customer Question

My husband has Altzeimers and is in the moderate stages. I have $30,000 in a joint savings account.....should I put that money in my account only and close out the joint account? If I put it in my name only, can I put our son as the beneficiary?
Submitted: 1 year ago.
Category: Legal
Customer: replied 1 year ago.
Or.....in another year I'll have a total of $50,000.....(I save a lot every month) would I be better off putting it in an immediate annuity in my name and my husband as the beneficiary? (Instead of having it in a savings account?)
Expert:  N Cal Atty replied 1 year ago.

Thank you for your question.

In which State are you located?

Can you close the joint account without his signature? Would he agree to this?

Customer: replied 1 year ago.
I am in Minnesota....I could open a new savings account and transfer all the money into that account....My husband is open to anything I do.
Expert:  N Cal Atty replied 1 year ago.

You can definitely do it if he agrees to it.

Customer: replied 1 year ago.
I know I can put the money in my own account, the question I do have is, about the legal issues with a nursing home down the road, can putting money away now in my own name be ok as long as it is before the 5 year look back? And can I name the beneficiary as my son without the nursing home having a problem with that? I BELIEVE my husband will live a long time, he's 67 right now. I guess I just want to know if I should sock away as much money for myself in a savings account as I can before the look back period or invest it in an Annuity? Or should I consult a financial advisor?
Expert:  N Cal Atty replied 1 year ago.

It is a good idea to take assets out of his name before the beginning of the 5 year look back period.

I agree it would be a good idea to consult a financial advisor or an attorney who specializes in estate planning.

You can get a free consultation from some of the attorneys listed by location here.

Please follow up on this with a local attorney.

I hope this information is helpful.