Downs Law Firm, P.C.
Especially with the average U.S. household having $7,027 in revolving credit card debt and Americans owing a total of $416.1 billion in credit card debt, according to a recent Nerdwallet study, some Americans will have credit card debt for the rest of their lives. However, what happens to credit card debt when you die?
When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.
Tenancy by the entirety, commonly abbreviated as TBE, is an ownership structure for real estate that’s used when the owners are a married couple. Under a TBE arrangement, each spouse owns an equal interest in the property, and the property will transfer seamlessly to the surviving spouse, in the event of one spouse’s death.
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
By discussing finances with your children early and often you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.
Take, for example, the sad and sordid tax case of Mary Ellen Cranmer Nice vs. United States of America, which would not have existed if an attentive financial advisor hadn’t noticed the large IRA distributions that were allegedly stolen right from under a matriarch’s nose.
The concept of financial scams isn’t a new one. Unfortunately, seniors tend to be particularly prone to them in general. Introduce a pandemic, and you have the makings for financial ruin among our country’s most vulnerable.
The world exists just as much online as it does offline. Failing to recognize that when planning for the end of life can lead to unexpected repercussions for survivors.
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
The fact is people’s names often change. People get married and divorced, or sometimes they just legally change their names.
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