Dealing With The Debts Of Someone Who Has Died

Depending upon the circumstances, grief can be all-consuming, and having to face the complexities of dealing with leftover debts can feel like an insurmountable challenge. This is a general guide to assist you in better understanding how to manage a deceased person’s debts. If you remain unsure or generally feel overwhelmed by the task, it’s … Read more

Does Life Insurance Cover Coronavirus?

Life insurance offers financial protection for your loved ones in the event that you die unexpectedly. When a pandemic becomes world news, you may start to consider the necessity of purchasing a policy or wonder how news of an outbreak might shape the policy you already have. A global health crisis like the widespread COVID-19 … Read more

You Should Die Before You Pay Off Your Student Loans: Estate Planning for Elderly Student-Loan Debtors

Steve Rhode posted an essay yesterday titled “Make Sure You Die Before Your Parent Plus and Federal Student Loans Are Forgiven.” As Mr. Rhode explained, the federal government cancels all unpaid student loans owed by debtors who die before their loans are repaid. The canceled debt is not a burden on the deceased debtor’s estate. … Read more

I Have Been Diagnosed With Terminal Prostate Cancer. What About My Debts? – Dave

“Dear Steve, I have been diagnosed with advanced prostate cancer which is terminal. What will happen to my debts after my death, would it be better to make myself bankrupt before this happens as I have no assets whatever? Dave” Dear Dave, First off I’d like to send you out a big virtual hug and … Read more

My Father Died Recently. Is My Mother Responsible for His Credit Card Debt?

“Dear Steve, Dad recently passed away. He had one credit card in his name, with mom as an authorized user. Balance on the card is approx 10K. They live in WA state, which is generally a community property state, however they legally disolved the community property agreement and all assets were put in moms name … Read more

My Husband Passed Away and Now I’m Trying to Make It On My Own. – Barb

“Dear Steve, Since my husband passed away several weeks ago, I no longer have his income to count on for our bills. I’m already fighting foreclosure so it’s no surprise that I’m having a tough time trying to carry the load alone. I’m working on plans to grow my small business as well as some … Read more

My Mother Passed Away and It Was Devastating. She left a Couple of Homes. – Nancy

“Dear Steve, I desperately need advice. My mother passed away just over 2 years ago, which was devastating for myself and 3 siblings. She owned a house in america (Florida to be exact), which was in negative equity, none of us were financially able to manage this property and therefore have just left it, which … Read more

My Husband Died Owing Medical Bills. Can They Take Our Tax Return? – Theresa

“Dear Steve, My husband passed away in July. He didn’t have an estate or life insurance. He has 2 outstanding medical bills. Will they be able to take any of our tax return. The bills have not gone to collections yet. Help!!!!!!!!!!!!!!!!!!!!! Theresa” Dear Theresa, Creditors can only look to his estate for collection of … Read more

My Life Partner Died Suddenly and Left Me Sinking in Foreclosure. – Barb

“Dear Steve, My question is regarding avoiding foreclosure but the nature of my circumstance is rather unusual. Let me start by explaining that I just recently learned that my life partner of 20 years was over a year behind on our mortgage payments when, about 2 months ago I answered the door to a foreclosure … Read more

I’m Unable to Pay My Debts After the Death of My Husband. – Lula

“Dear Steve, Unable to pay all debts after death of husband. Since my husbands death in 2009 I struggled to pay the debts. Finally had to stop paying on four of them. Now, Capital One is taking me to court next week. Will they be able to freeze my bank account since only Soc Sec … Read more