property ownership: x and y; x or y; x pod y?

[kblazekk]

state of ohio. married parents w/3 adult children. father is ill and may require extended nursing home. mother is healthy but is a former heart patient. my goal is to protect their assets: 1) should mother die suddenly we want shaired assets to revert to father without necessitating probate and 2) should father require long-term nursing home care (and mother is alive) we must prevent "drain-down" of assets by care facilities before medicare kicks in (for financial protection of mother). their assets are the primary home (paid for) and a stack of cirtificates of deposit and us-bonds. these are in a mix of ownerships between themselves as: "he and she", "he or she" and "he with pod to she". i need definitions of these phrases , that is, who owns how much, what can be attacked by the debts of one, what is wholy transferrable to the other?

 

[ALawyer]

Pay on Death means just that - on death X's property is paid to Y.

X and Y with right of survivorship or tenants by the entirety means that when the first dies, the other gets it.