Many people today worry about the amount of money left to their surviving family members. It is difficult to organize all of your finances and make those decisions. One variable that many people have to deal with is debt in an estate. Some people run out of money in retirement and must figure out a way to pay for food and medical expenses. Debt is the only way to keep the lights on and the mortgage paid. In many cases, family members are left with a financial mess to clean up after their loved one passes away.
The Dangers of Debt
There are many forms of consumer debt that leave you financially trapped. Credit cards with high rates of interest are just one example. For retired people, this is the easiest way to get access to cash. Without new sources of income coming in, it is also almost impossible to pay back over time.
Tips for Family Members
If you have a family member entering a late stage in life, watching their finances is always a good idea. A lot of people wait until someone passes away before they start getting their finances organized. This is where family members typically find thousands of dollars or more in debt no one knew about.
If you find yourself in a rough situation with debt and an estate, there is hope to get organized. Our office deals with people every week in this situation. With our experience in the field, we will help you develop and execute a plan that makes the most sense based on your goals.