There are many ways to leave your assets to your loved ones.
Q. My 97-year-old mom just sold her house and now lives with us. She wants to put money in three accounts in her name and with each of her three children, payable-on-death .
for those assets, said Tom Szieber, a trusts and estates attorney at Chiesa Shahinian & Giantomasi in West Orangewould be avoided altogether depends on whether your mother has other assets that are not either held jointly or include a beneficiary or POD designation.since the questioner’s mother would retain full control and ownership of the assets,” he said. “If she wished, she could spend or transfer such assets to anyone at any time.
Whether the money would pass to the POD beneficiary would not depend on whether it was “needed for healthcare” specifically, but whether some or all of the money remained in the account at the time of your mom’s death, Szieber said. If it is, then the money would pass to the POD beneficiary as long as the beneficiary had not been removed from the account, he said.
On whether putting the money into POD accounts is a “good idea,” it depends on your mother’s planning goals and considerations, he said. “The questioner’s mother should seek counsel with an experienced estate planning attorney to decide on the best course of action, as putting assets in trust may provide greater protections than simply utilizing POD accounts,” he said.
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