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How to Avoid Probate
Probate is the court-supervised process of winding up a decedent’s personal and financial affairs. During probate, a Personal Representative is appointed and charged with collecting the decedent’s assets, paying their bills, and distributing their property to the proper heirs. Having your loved one’s property tied up in probate can be stressful, expensive, and often unnecessary, if you know how to avoid it.
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The Top 10 Medicaid Myths
Here is a list of important facts about the Medicaid process.
What Happens to Your Debts When You Die?
Several factors determine what happens to your credit card debt after your passing. The main factors to consider are the state in which you live and person who applied for the account. In most cases credit card debt is paid for through the estate of the decedent, meaning that if you have credit card debt at the time of your death, assets held in your estate will be used to pay off the debt. If there is not enough money in the estate to cover credit card bills, the credit card company will end up taking the hit and writing off the unpaid debt. ">Continued
Estate Planning for Beginners: Creating a Will
Most folks already know that the main purpose of a will is usually to dispose of your assets and personal effects. In its most basic form, a will should include these important parts:
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A Must Read for Siblings of Caregivers
To all the siblings who mean well by offering advice on how things should be done - Don't give it unless you plan on rolling up your sleeves and putting your wonderful suggestion into action.
When is Probate Necessary?
Probate is the court process to determine who receives assets owned by someone who has died. The court appoints a personal representative (or executor) to take charge of the estate, pay all debts and taxes and, ultimately, distribute the remaining assets to the heirs.
There are occasions when the probate process can be avoided. This typically happens when assets have been transferred prior to death or proper beneficiary designations have been made such as a POD (Payable on Death). ">Continued
Here's a Novel Thought - How About Thanking the Caregiver Rather Than Criticizing
The vast majority of caregivers put there own lives on hold to assist loved ones without asking for, or receiving a simple thank you.
It inevitably happens that those folks who offer the most advice and criticism to the caregiver are those they don't raise a hand to help out.
To all the family members who sit idly by and do nothing to help there elderly parents when they reach the golden years: Either help out, or keep your opinion to yourself! ">Continued
Why Wait to Get Your Affairs in Order
We all know that we are going to die someday. Why is it that nearly everyone over the age of 60 never bothers getting their affairs in order so their loved ones are not burdened with it when they die or become incapable of doing it themselves.
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