Moving my father to a nursing home recently forced us to make changes in the way my parents' bank accounts are set up. Banks and credit unions offer many special benefits to age 50 plus customers, but how your account is legally classified in the event of your death is as important as what you put in it.
Your bank account decisions regarding Right of Survivorship and Payment on Death may contradict your Will! Take a careful look at these decisions, because "they override your Last Will and Testament and may block your intentions, " according to attorney Paul Premack in The Senior Texan Legal Guide. Consult this useful book (in book stores) or have your banker fully explain these provisions to you. Nursing home residents on Medicaid could lose their eligibility by receiving unexpected financial benefits.
On the subject of banks, why not investigate the age-based special accounts most financial institutions now offer. Shop around. You could live another 30 to 50-plus years. How much could you save with an account that has no monthly maintenance fee, unlimited check writing, free personalized checks, money orders and notary services, discount prescription and eye wear programs, and a discounted safe deposit box. You could receive a no-cost $100,000 Accidental Death policy, nationwide discounts on lodging, entertainment, and car rentals, interest on checking, lower rates on loans and credit cards, and bonus interest on your CDS. These are some of the benefits offered by Norwest, Chase, Frost, Hartland, Comerica, and Compass Banks, Bank of America, Wells Fargo, First Community, IBM Texas Federal Employees Credit Union, and First Educator's Credit Unions, to name a few offering accounts for mature Texans.
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