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.
Nearly every week brings another diet, superfood, or some other advice to lose weight or feel 20 years younger. While some of these promotions may offer some good ideas, many do not and can leave people confused and frustrated. Furthermore, obesity, high blood pressure, diabetes, heart disease, Alzheimer’s and other serious health issues seem to […]
An 84 year old man who had suffered a stroke was adamant upon being discharged from the hospital that he did not want anyone coming into his home and could take care of himself just fine. Unbeknownst to his daughter, the social worker cancelled his order for home help services and discharged him to his […]
The cost estimating website “Howmuch” has released estimates for the cost of long term care in each state. The report examines costs for adult day care, home health aides, assisted living and nursing home care. Michigan while expensive, is fortunately is not at the top of the list for any category. For a month in […]