Property and asset transfer

Terry Says

You need an estate planning attorney in your state — immediately. Go to www.Search-Attorneys.com to find one. Or ask the trust department at your local bank for names of estate plannign attorneys in your area.

You’ll want to create a Revocable Living Trust — and retitle the name of your house into the trust. There is no tax consequence to doing this. Watch this video: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
It’s not enough to create the trust– you must immediately re-title the house. The lawyer will handle that.

And as you do that, start also doing/thinking about the following (in addition to your treatments, and hope):
1. Contact your hospital and they will give you the forms for a healthcare power of attorney. That’s easily done, doesn’t require a lawyer. It gives your wife the power to make decisions if you cant.
2. They will also ask you about a living will — the “end of life” decision that might need to be made. Consider this thoughtfully. Your estate planning attorney can help explain the options in your state.
3. Contact the company/union that holds your pension. Make sure you include your wife as survivor when you started taking your pension.
4. If you have any Individual Retirement Accounts, make sure she is named as the beneficiary.
5. Put her name on your checking account if it isn’t already, so she can access the funds if you cannot.
6. If her name is on your credit cards, then she will owe the money. But if they are in your name alone — then she will have no obligation to pay them off if you pass on ahead of her.

I know this is a lot on your plate — just when you should be focusing on your health. But you’ll feel emotionally better when you have it organized.