My Mom has become concerned to make sure the probate court doesn't get involved when she passes. She set everything up so that when my Dad recently passed, probate didn't get a chunk of the estate..because there was no estate. Now she is determined to do this again.
The bank, and investment firm have no problem putting my name on the accounts with hers. As JT WROS. But, the credit union says they cannot do this by law.
But, the credit union has the best rate on CDs. No where else even comes close to those great rates. Mom is determined to figure out how to keep those CDs and keep the investment away from probate. Her answer is to transfer them into my name now.
I completely understand all the issues surrounding the possible future use of Medicaid. Since I would not consider the money mine to use...except if I ever have to use it to pay a NH on her behalf.
My concern is that ... God forbid something happen to me, this could really backfire.
I looked at the creation of a trust. Between the lawyers fees, and the ongoing cost of filing etc for trustee...within a couple years it ends up costing as much as probate court would have anyway.
Colorado court system doesn't make any of this easy.
Has anyone else tried to deal with this situation?