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[quote=Anonymous]We've got multiple issues here.

1) Not sure why they wouldn't open two separate accounts, trusts, etc., instead of the headaches that come with a joint account. If an account is in "Larla and Marla" then either one can empty the account w/o recourse.

1a) There's probably all sorts of issues with getting a "two signatures needed" account as that is a relic of the Bad Old Days when the little woman couldn't take money out of the account without her husband's okay. Might be easier if a trust were set up in that case.

2) A trust is probably easier to shelter during divorce than an outright gift. In your case with a long-term marriage, a smaller nest egg, etc., it might not be worth the hassle and just give it as a $50k gift -- pay off one of your cars, clear the credit cards, etc. In your sister's, with her worse track record, marriage not 100% (maybe 80-90%?), etc., etc., it might be more worthwhile.

3) A trust could probably be easier to protect against any riotous living OP's sister in engaged in. So if the sister just wants to give 50k to fund her husband's or boyfriend of the month's cockamamie idea, the trustee can say no.

4) Also consider that either or both husbands might wonder what's going on with this elaborate setup to be kept away from a bit of money. For example -- if my wife's parents were to give us 50k, I'd be paying off the car notes in no time flat and freeing up $800 a month in cash flow. I'd be wondering what was up if she wasn't on board with that. [/quote]

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