While jointly owning all assets and wealth insures that things stay within the couple should one of you pass away, joint ownership is no substitute for a will or prudent financial planning.
For instance, if both of you should die at the same time without a will, you have no control in how your assets are passed on to heirs.
If one of you should become sick and require long term care, you run the risk of wiping out your accumulated wealth before becoming eligible for Medicaid.
The better choice is to make a small investment in planning for these types of scenarios so you can retire comfortably knowing that your wishes will be enacted, and you and your spouse are protected from even the worst possibilities in retirement.
The attorneys at Friedman & Ranzenhofer can help. Call us today at 716-542-5444 for a free consultation with an experienced Buffalo wills and estate planning lawyer.