Relative died who did not have a single penny to her name at age 52 (taxes, income)
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Out of respect? Someone has to send out the death certificates and tell the bloodthirsty collection SOBs that they can go pound sand.
Quote:
Originally Posted by Aredhel
And someone would also have to arrange the sale of any assets dear old Dad had, such as a house and car, and see that the money from the sale goes to his creditors.
Out of respect for what? If the estate is underwater that can be between the creditors, the estate and typcially the state. You don’t have to deal with the creditors
Out of respect for what? If the estate is underwater that can be between the creditors, the estate and typcially the state. You don’t have to deal with the creditors
He had several properties with renters. He had to sell the properties to pay the debts. Mortgage, credit and medical debt. I think my friend was hoping there would be a little extra leftover, but he found out quickly that there wasn't.
Out of respect for what? If the estate is underwater that can be between the creditors, the estate and typcially the state. You don’t have to deal with the creditors
You do if you're the executor of the estate, which I suspect the son is. Estates don't just settle themselves.
What the son doesn't have to do, of course, is use any of his own money to settle dear old Dad's debts.
Yes I do my uncle in fact had cancer and he died penniless too . The hospital , the drs and the insurance company took everything my father and mother had to chip in to the funeral as well . The whole family did . One of the aunts said we should have just done the cremation thing, you should have seen the dirty looks she got from the others . I pray always that no dies penniless but even movie stars and celebrities have died penniless and for quite a few reasons and most of them were not medical .
You do if you're the executor of the estate, which I suspect the son is. Estates don't just settle themselves.
What the son doesn't have to do, of course, is use any of his own money to settle dear old Dad's debts.
You don’t have to accept the role as executor. The estate might not ever be settled but you don’t have to do the work. If it’s upside down you can walk away just like a house/mortgage
He had several properties with renters. He had to sell the properties to pay the debts. Mortgage, credit and medical debt. I think my friend was hoping there would be a little extra leftover, but he found out quickly that there wasn't.
Yeah that’s a different story. If you are working through it to see and possibly hope something is left then all the work needs to be done
If this woman had no kids or husband, (or any dependents) then there would have been no need to have a life insurance policy anyway.
But many people who have worked all their lives, have no savings, investments or life insurance. It's actually quite common. I know a couple who both earn good incomes but they go on vacations constantly and have very little savings. No they don't live at home with their parents but they are still kind of irresponsible.
This doesn't surprised me because I am the first generation here and many of my parents' age group or older don't know anything about financial products out there. Funeral is paid for by friends and family through donations.
I don't share the same values as those who have no concern for their own welfare. So therefore I don't personally know any of these people. Sounds awful.
But I know plenty of people who not only own nothing but have whole bunch of debts.
They rent, have never ending car payments, and credit cards maxed up. Most of them have no health problems, just problems with their life style.
They borrow AND they are not worried about paying back. "Thank goodness for bankruptcy" , "This is America", and "Sue me, I have nothing" is their attitude. They want live their life to the fullest, and think that only fools work hard and pay back.
That's great, I guess, as far as it goes.
But what if you live that life, then you see the light and want to escape it? You can't. You'll find it difficult, if not impossible, to qualify for a mortgage. You may even find it impossible to get a better job.
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