As I mentioned I don't understand the spouse situation - and I don't know if it's state-specific - although I can imagine creditors coming into play if for example there was liability for an accident. That might be partly mitigated by adequate umbrella coverage.I don't understand how the spouse has access to the monies if it's POD to my son. He would put it in a separate account just as his spouse did when her parents died. Can you please explain that to me in simple terms. They are well off and not children so there won't be creditors looking for money. I just don't understand the spouse part of your sentence.The principal disadvantage of naming beneficiaries for your financial accounts is that if they go to your son outright, they'll be subject to his creditors and spouses, and Medicaid, whereas if they go in trust for him under your Will, they'll be protected from his creditors and spouses, and Medicaid.
On the other hand, if you're trying to do Medicaid planning for yourself, some of what you did might make sense.
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By the way, my husband passed 4 weeks ago.
Thank you
Pat
Statistics: Posted by tibbitts — Sat Sep 20, 2025 1:38 pm — Replies 10 — Views 2008