I am 65 yrs old, I have long term care insurance. My husband is 64 yrs old, with no long term care insurance (he wasn’t approved 5yrs ago and he thinks it’s not important!). We are both retired. We live in NYC. We have a coop in both our names, he has 401k, we both are taking social security, we have pension and no mortgage. I have a son still living at home and is 32 yrs old, unable to find full time job. He works part time and has medical insurance. Question: What's the implications if I buy a coop in my name for my son to reside in? Will that have any financial implications, in case my husband gets sick and we need to finance his medical bills? We have a simple basic will. Should I buy the coop in my name? What's the long term implications? Do I need to create a trust or having the coop in my name is enough? I can pay cash for the coop. What's the best way to protect our assets and not lose it all someday? Right now we have a simple will, everything will be split between our two sons, when we both die. (our second son is financially stable and independant).
1 Answer from Attorneys
These are all great questions and there’s no way you can get advice via email. You have to sit with an estate planning or elder care attorney face-to-face there’s no other solution.
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