The answer depends upon whether the power of attorney includes the power to handle retirement accounts. Your best option is to call the company and see if they will accept the one you have or whether they require their own form. Since your husband is still competent, he will be able to execute it now but not later.
I agree that it is very important to meet with an elder law attorney before transferring your mother's assets. If probate is your main concern, a revocable trust will accomplish that. If she simply gives her assets to the three of you, she is jeopardizing government benefits she may need.
The cost of fixing problems create by "simple" solutions like giving away assets is much greater that doing it carefully in the first place.
There is no one specific deadline in Massachusetts by which estates are required to be finalized.
In most cases, estates will be closed within a year and a half. In this case, there may have been some litigation which has prolonged the estate administration or in some cases, a delay is attributed to waiting for a closing letter on estate tax returns or possibly the sale of real estate.
If you are a beneficiary, you should have received letters advising you of the status of the estate and...
Attorney Schultz is correct about the procedure in Probate Court to establish ownership of the non-joint accounts.
You can also raise your objections on the joint accounts in this Probate Court proceeding and bring forward evidence that these accounts were for convenience and not intended to pass only to one child.
I agree that it is important to meet with an elder law attorney in New York who can look at your parent's situation and discuss some planning options with you. Having long term care insurance will not necessarily disqualify a person from receiving Medicaid assistance. It depends on the amount of long term insurance received and the person's income. Another factor would be the maximum amounts of benefits the insurance policy provides.
Based on what you reported about the situation, you will need to take action before your Dad passes. If you wait until after his death, it may be very difficult to stop the bank from paying the funds to you brother and you will be left filing an objection in Probate Court and trying to recoup the money from your brother. Although it seems uncomfortable it may be in your father's best interest to have the Court look into this and make sure he is not beeing exploited by your brother.
No - a revocable living trust does not protect your assets if you are sued. If you have formed an LLC for a business (including rental real estate) an LLC is designed to protect your other assets if you are sued as a result of the business owned by the LLC.
Attorney Rosenberg is correct. It sounds as if your mom executed a deed transferring the remainder interest to you, and reserving a life estate interest for herself. If this is the case, then upon her death, the property will pass 100% to you. Currently MassHealth only recovers on its lien if the property is probate property.
I agree with the other two attorneys that posting in the CT forum would be helpful to you. As a general rule, wills need to be filed with the Probate Court. Whether you need to take any other action may depend upon how the real estate is handled. Even though it is going back to HUD, there may be some need to probate the Will for the house.