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I agree. There is peace of mind in knowing I won't ever have to depend on someone else to pay my bills or keep a roof over my head. I will be fine if I die without an estate to pass on to heirs, but I do not want them to ever have to pay my bills while I am alive and I do not want to die owning anyone a penny. What kind of person wants to die and deprive someone else (creditors of any type) money that was borrowed or owed for services? That is unethical behavior.
Well, in truth any one of us could die at any moment, owing some amount of money to someone...the oil or gas bill, a car or mortgage or credit card payment, etc. If one has set up a durable power of attorney to take care of any outstanding debts at death, then that's essentially the same as dying without debt. It's the failure to have a plan to pay off post-mortem debt that would be an ethical problem, for some anyway.
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Originally Posted by newenglandgirl
Well, in truth any one of us could die at any moment, owing some amount of money to someone...,,, set up a durable power of attorney to take care of any outstanding debts at death, ... an ethical problem, for some anyway.
Always keep a plan to pay off personal debt, especially to friends and relatives. My parent had a very severe stroke at age 49, and I inherited $100k+ personal / family debt at age 18 + got to be a caregiver for the next 32 yrs. Life insurance was of no value cuz parent was institutionalized (~10 yrs) until well enough to come home. Needed disability insurance, or a policy to at least cover the outstanding personal debt in the event of disability.
The "Die Broke" book theme... is not literal. It is more about planning in such a way you are not saddled with a J-O-B just to save more money than you really need before pulling the plug.
For some... the theme is 'freeing', for others.... they have a higher need for 'security' and are best to continue working for 'the-man'... preferably in a pensionable position.
Be prudent about dying, especially if you are leaving behind a spouse or family.
I feel sad for those that think it would be great to leave debt. It took me until I was not able to do anything before I declared bankruptcy. I tried so hard and actually had my credit cards down to next to nothing. It was my mortgage that killed me. Being laid off and not able to find a job destroyed me. I tried so hard to work with the bank and they wouldn't do anything for me.
I was so proud of our Attorney General who sued the banks on our behalf and I at least got some of my funds back.
But it really hurt me to do it. I have a high moral code and the top of the list is the golden rule.
Well, in truth any one of us could die at any moment, owing some amount of money to someone...the oil or gas bill, a car or mortgage or credit card payment, etc. If one has set up a durable power of attorney to take care of any outstanding debts at death, then that's essentially the same as dying without debt. It's the failure to have a plan to pay off post-mortem debt that would be an ethical problem, for some anyway.
Yes. Bills are paid when the estate is settled and that is exactly what I meant, lol.
I was objecting to the philosophy of owing thousands without the assets/resources to settle up the debt through the estate, and I was especially thinking about this sad fact: funeral home directors often have a difficult time recovering even a portion of their expenses. That statement about the check to the funeral home bouncing . . . that is not amusing to me, at all.
I feel sad for those that think it would be great to leave debt. It took me until I was not able to do anything before I declared bankruptcy. I tried so hard and actually had my credit cards down to next to nothing. It was my mortgage that killed me. Being laid off and not able to find a job destroyed me. I tried so hard to work with the bank and they wouldn't do anything for me.
I was so proud of our Attorney General who sued the banks on our behalf and I at least got some of my funds back.
But it really hurt me to do it. I have a high moral code and the top of the list is the golden rule.
I feel sad for them, too. Most of us would rather go without than owe others money. And when job loss and/or illness spins our financial worlds out of control, it is not something people take lightly. It is devastating. The thought of purposely running up debt so someone else gets stuck with it after we are dead is rather sickening.
Yes. Bills are paid when the estate is settled and that is exactly what I meant, lol.
I was objecting to the philosophy of owing thousands without the assets/resources to settle up the debt through the estate, and I was especially thinking about this sad fact: funeral home directors often have a difficult time recovering even a portion of their expenses. That statement about the check to the funeral home bouncing . . . that is not amusing to me, at all.
A while back someone posted in a thread about adult kids being responsible for their parents' debt, even Medicaid payback. Do you remember anything about that?
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for others.... they have a higher need for 'security' and are best to continue working for 'the-man'... preferably in a pensionable position.
