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u/retiredagainstmywill

▲ 0 r/personalfinance

How to handle mother-in-law’s savings account?

Hello all, long time lurker, first time poster.

My MIL is almost ready to move to an assisted living facility. Before she goes, my wife needs to have some control over a large savings account to pay the bills, but she has a step brother who will get half of everything when MIL passes.

Wife has been helping do the finances on line, and is a beneficiary, but does not have her name on the account.

What’s the best way for her to have legal access to the account, without being stuck with the full amount for distribution after death purposes, or any other tax or Medicare liability?

Should it be:

  1. Joint Tenancy with Right of Survivorship
  2. just her name on the account?
  3. POD?
  4. simple beneficiary of the account?

MIL did sign a Durable Family Power of Attorney, with my wife as her “attorney”, is that enough so that her name doesn’t have to be in the account, but she’s still allowed to pay bills?

She just wants to be able to distribute half of whatever is left to her step brother without any tax consequences for him or her.

I hope I explained this right, if not, please ask for a clarification and I’ll do my best.

Thanks!

reddit.com
u/retiredagainstmywill — 3 days ago
▲ 773 r/AskUS+1 crossposts

This is not America first. This is billionaires first.

Trump just flew to Beijing with a planeload of billionaires worth over a TRILLION dollars combined, then told Xi Jinping that these "brilliant people" need China to "open up" so they can "work their magic, and help bring the People's Republic to an even higher level".

That's a direct quote. From the President. About a foreign authoritarian regime.
Onboard Air Force One: Elon Musk, worth $819 billion. Nvidia's Jensen Huang, worth $183 billion. Blackstone's Stephen Schwarzman, $47.5 billion. Apple's Tim Cook. Plus the CEOs of Goldman Sachs, BlackRock, Citi, and Boeing.

Fifteen of the most powerful executives on Earth, hand-picked to lobby a foreign government for their own private profit, with the President of the United States carrying their bags.

Also along for the ride: filmmaker Brett Ratner, accused in 2017 of sexual misconduct by numerous women. Classy delegation.

Now think about what Trump has delivered to YOU this year.

Last July he signed the largest cuts to Medicaid and SNAP in American history. About 10.9 million people are projected to lose health coverage over the next decade. 2.4 million could lose food assistance by 2034.

The Center for American Progress called it the largest transfer of wealth from the poor to the rich in a single law in U.S. history.

His 2026 budget goes further. It slashes the WIC fruit and vegetable benefit for breastfeeding mothers from $54 to $13. It freezes new Section 8 housing vouchers. It cuts LIHEAP, the program that keeps grandma's heat on in January.

Working moms will have to prove they "deserve" groceries. Disabled Americans will have to re-prove they need healthcare every six months. Rural hospitals will shut their doors.

And then Trump boards a plane with the richest man on the planet and personally lobbies China to open markets so Musk can sell more Teslas in Shanghai.

This is not policy. This is not "America First." This is a President working as a personal concierge for oligarchs while stripping food off the tables of American children to pay for it.

Next time someone asks who Trump is fighting for, show them that picture from the tarmac.

From The Other 98%

u/retiredagainstmywill — 7 days ago
▲ 60 r/AskUS

They’re Coming for Our Voter Rolls, Millions Could Vanish Before Election Day: what do the MAGAs think of this utterly illegal cheating?

Do they know they will lose every election unless they rig the system?

hartmannreport.com
u/retiredagainstmywill — 10 days ago