Carrie, I think it kind of depends on what you're spending the money on if you withdraw it. (Again, not a lawyer.) After my dad died and I got Power of Attorney for my mom, we put my name on her checking accounts so that I could pay her bills, as she's not able to handle money (Alzheimer's). I make sure to keep copies of all the bills I've paid, and I always make sure each check is noted in the register. I also keep all receipts for the money spent on her prescriptions. It's hard enough to care for one's parents as they age, but taking care of the finances is doubly difficult. My parents were so frugal, I know that if Mom realized we are paying over $2,200 a month for her apartment at the retirement community/assisted living facility, she'd come unglued. As it is, she doesn't ask those types of questions anymore. We have maybe enough money to pay out of pocket for a couple of years. I'm going to file for Veteran's Benefits for my mom to try and supplement this, as my dad was a WWII veteran. Best of luck to you!! You're not alone in this journey, for sure.

Stargazzer, let me clarify my explanation as I think we may be discussing two different things. "Step up basis" is not 'a state thing'. It is the IRS definition regarding estate taxes. Yes, there are many ways to deed property. But not all of them are tax-advantaged to the beneficiary. Being ignorant of these consequences can be financially painful. Now, admittedly the OP's SO is probably at a low risk for dying from this surgery! But my point was that this couple has been together for a lengthy period of time already, yet has not made a real effort to consider what MIGHT happen on that future date when something goes very wrong. Because....eventually something will. We all die, and not at the same time; that's a fact of life that is inevitable. No matter what state you live in, or how much your total and/or separate assets are, if you want your assets to go to someone else, it behooves you to find out what is the best way to pass your assets on, with the least amount of hassle and the least cost to the survivor. Loving someone, but leaving behind a legal/financial mess - or even worse, accidentally disinheriting them - is not a kind bequest to anyone. What is the point in leaving someone 50% of the house, for example, if they can't pay the taxes due upon death because the legalities ignored the tax consequences of the original joint decision? For the majority of people, setting up their legal and financial affairs properly takes very little real time, once they stop procrastinating, LOL. There are ways for SOs to leave their various assets to one another without need to resort to a Revocable Trust, for instance. And there is absolutely no time like the present for the OP to begin getting started! These are things (wills, durable healthcare POA, financial POA) that one should do BEFORE something bad happens, because you never know when Life/Chance/Luck may decide to take that freedom of choice away from you.

After many years of observing GEM's extreamly poor service for Sam's Club member, the bank has hit a new low by redefining the meaning of a simple word in the English language. If I lost my credit card and it was replaced with a new one (new acciount number)I could understand the reason for reporting that fact to credit bureaus. When the primary account holder of my Sam's card passed away, Sams changed my standing from secondary (user) to primary, with a new account number and membership ID card. After reporting that I lost my credit card to the credit bureaus, GEMB refuses to correct the delibert insertion of false information to my credit file. The GEMB supervisor stated that I "LOST" my old credit card NUMBER when Sam's Club changed it to a new one. I never lost my existing card, nor was it ever stolen. GEMB's is violating the Fair Credit Reportring Act, and as usualy blames it on Sam's Club. It seems that Sam's club would have had to alow me to keep my old account number when changing my status from secondary to primary in order to keep GEMB from flagging my reports with untrue information. No wonder GEMB is at the center of so much fraud. The company simply has no ethics of its own. It does not help resolve fraud issues that people do have, while the bank insists on creating eronious credit information where there is no lost or stolen credit card involved. Someone asked what GEMB stood for. The name aboviously is derived from the parent company's corporate policy. GE (General Electric) Means ..... Whenever contemplating the purchase of any product made by GE, I think of the routine customer abuse it provides through GEMB and then buy any product but GE. It is a shame that Sam's club refuses to sever its relationship with such an arrogant, irresponsible, incompetent financial institution. It probly has something to do with the amount of money that Sam's makes selling GE products.

"We've been together more than 33 years. We trust each other implicitly, too. And because we trust each other implicitly, it's not an issue that my name isn't on all of his accounts/credit cards and that his name isn't on all of mine. I can, however, see how folks who don't trust each other implicitly would insist on all joint accounts, so they can "keep tabs" on each other." We've been together a very long time too, and it's not an issue if each other's names aren't on every account. It is convenient though. It would be a lot more work if something happened to one person and the other has to provide proof of death/serious injury to have access to an account. I do agree people who have to "keep tabs on each other" lack trust. I'm glad my husband and I are not that way. "I am getting married soon and trust my future husband implicitly but we are still getting a prenup for our pre-marital assets we are both bringing in (though CA is pretty good about keeping that separate by default) and will maintain our separate checking and credit accounts as well as joint accounts. " implicit - understood though not clearly or directly stated explicit - very clear and complete : leaving no doubt about the meaning A prenuptial agreement is absolutely not implicit; it is explicit. "Just because things happen. No one goes into marriage expecting divorce or to be widowed or any other host of things that happen every single day. I think it's smart to prepare for the worst as no harm can come from it. It is important for me to maintain some financial independence and maintain my high credit rating no matter what happens. " Actually, I know a couple who are planning to be divorced, at least one of the two is, and that person has not been quiet about it since they got married. It's very sad to watch, especially as the other person doesn't seem to get what is happening. If one has to rely on their spouse for financial support in anyway (example - mortgage payment that cannot be made on your income alone), then you are not a financially independent person. You are dependent on your spouse to be able to afford the life you are living. That's not a bad thing. It's just the way things are for many people. That isn't to say you couldn't be financially independent, if say you were willing to move into affordable housing for just yourself. While you cannot afford the payments on your own, you are not independent. People prepare in their own way. Your way would not work for me, from what you have written, mine would not work for you, and sounds like neither of us want what that couple I know who have planned for divorce since marrying has set up!