Seniors have been taking on more and more debt over the last two decades. Many times this can come as a shock to children when their parents die and they discover credit card and other debt left behind. Understanding the implications of the debt is important particularly for those responsible for administering the estate. Once the debt is discovered, the children often wonder if they are now on the hook for the debt. Generally, when a person dies, his or her estate is responsible for the debt and if there is not enough money to pay all the debt, then it will not be paid. A decedent’s retirement accounts like a 401(k) or IRA with a named beneficiary are not liable for the deceased person’s debts. If a loved one dies with a mortgage, the mortgage will be paid first (typically when the property is sold) and the balance paid to the heirs or beneficiaries. If the mortgage exceeds the value of the property, the creditor will be left with the unpaid debt.
According to a recent USA Today article (“Extra virgin olive oil staves off Alzheimer’s, preserves memory, new study shows”), researchers at Temple University’s Katz School of Medicine have shown that extra virgin olive oil protects against memory loss, preserves the ability to learn and reduces conditions associated with Alzheimer’s disease. Studying two groups of mice […]
A non-invasive eye scan may be able to detect Alzheimer’s disease years before symptoms occur. Neuroscience investigators at Cedars-Sinai Medical Center in California were able to detect toxic proteins in the retina – located in the back of the eye – which are indicative of Alzheimer’s. Cedars-Sinai called the finding “a major advancement” in identifying […]
Baby boomers planning to retire are often ready to sell their home and buy a retirement home. Many want to move somewhere warm like Florida and others may want to move near their children. As discussed in this Wall Street Journal article, moving near children is a personal decision that is often determined by family […]