Estate Planning can be an uncomfortable subject for some since it deals with how affairs are to be handled after we pass away, or if we should ever become incapacitated. However, it’s the process of preparing our assets, and if handled properly, will maximize the value of your estate by reducing taxes and other expenses.
Unique to each client, Estate Planning varies based on the needs and complexities of each circumstance, including designating guardians to minor children and beneficiaries for adults not able to make decisions on their own. In these cases, the process can overlap with Elder Law.
When a loved one passes away, the furthest thing from your mind is addressing his or her outstanding debt, however many of us find ourselves dealing with creditors while grieving.
In many cases, the deceased persona’s assets are used to pay creditors, but in some cases there isn’t enough.
This means if you’ve cosigned on a credit card with the deceased person, you assume the total debt on the card, otherwise family members are not responsible for the credit card debt.
However, debt collectors may be aggressive, so know your rights and don’t be bullied. Get your questions answered! Contact Estate Planning specialist Arlene Keating, Attorney-at-Law for assistance.