What Happens to Debt When You Die: What Families Must Know
Most families believe they will inherit their loved one’s debt. Most debt collectors count on that fear. Your debt does not automatically transfer to your heirs, but it shapes how much they receive and what the estate must pay before they get anything. Here is exactly what happens and what your family needs to know before the collectors call.
Divorce Doesn’t Update Your Estate Plan: Here’s What Does
Whether you had an estate plan going into your marriage or not, your divorce changed everything. The settlement resolved custody and assets. It did not address what happens to your children if you die. For divorced and separated fathers, that gap almost always exists, even when it feels like the plan is in place. Here is what actually needs to be updated.
No One Warned Her About the Widow Penalty. Her First Tax Return Did.
When a spouse dies, most surviving partners expect grief. They do not expect a tax bill. The “widow penalty” is a real and largely unrecognized consequence of losing a spouse that can cost a surviving partner thousands of dollars more every year in taxes and Medicare premiums, at the worst possible moment in their life. Here is what it is, who it affects, and what you can do now, while there is still time to plan.
Who Would Raise Your Kids If You Couldn’t? (What You Don’t Know About the First 72 Hours)
You’ve thought about who would raise your children if something happened to you. But thinking about it and actually naming someone in a legal document are two very different things. If your family doesn’t have an answer in writing, and something unexpected happens to you, a judge who has never met you or your children will make that decision. Here’s what you need to know, and what you can do about it today.