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Right of survivorship

As someone who has dealt with the health and legal issues of two sets of parents for the last 12 years, let me say you should have on your parents and spouse and of course, yourself.
Last directive for health care
Will
Power of attorney, including specific poa for selling property
Joint ownership of bank accounts
Beneficiary on all accounts
List of accounts and passwords stored in a safe place
List of life insurance policies
Vehicle titles
List of medications, I kept these on my phone
List of who their physicians are with contact info
On your parents, get these while they still have good cognition. They will become less cooperative and more paranoid as they age, especially if dementia is a factor.
 
You might need to consider a guardianship/conservatorship, depending on the level of dementia--unfortunately, it'll only get worse. Get a consult with a local elder law attorney to discuss everything, to include necessary documents, planning, etc,
Some of the gang on ODT know that I am one, but I'm not here to troll for work; I hang out here because I enjoy ODT and just happen to be a lawyer. There are some very fine elder law attorneys in Cobb--PM me and I'll give you their names.
 
NOT AN ATTORNEY!!!
BUT....if it's setup like that, the spouse will get taxed on the net increase in property value from when it was first purchased(I think)....if it's passed through an estate, then the home value gets set at today's value, skipping the potential value increase that occurred in the past....
you need an attorney...NOT THE ODT!!!
 
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