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.
Dementia is a devastating disease. Few things are more heart wrenching that watching a loved one slowly fade away. Even under the best of circumstances with sufficient financial resources and excellent care, dementia is nearly impossible to manage very well. The financial challenges alone can be overwhelming. In many instances, family members will serve as […]
Former First Lady Rosalynn Carter once said that “there are only four kinds of people in this world: those who have been caregivers, those who currently are caregivers, those will be caregivers and those who will need caregivers.” Currently an estimated 40 million people providing care to an adult family member or other loved one. […]
In her new book, “Old & Sick in America: The Journey Through the Health Care System” Dr. Murial Gillick addresses many of the common struggles older patients can have with our health care system. These can include being seen briefly in a hospital by a physician you’ve never met before, who isn’t familiar with your […]