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| I am only 22 but have been thinking about starting to save for a pension. But I really don't know where to start. I just know that I'd rather put a little bit per month away now and not ... |
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 My boyfriend and I bought a car two months ago. I co-signed the loan. We are breaking up. How can I get out? |
Though I know our relationship will still be friendly, it will be unnecessary, obviously, for us to continue to share finances. This is the only thing that we co-own.
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T... |
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 When should you start saving for retirement? I am 28 in the UK.? |
| Is it sensible to start saving money for retirement when you need all the money you can lay your hands on to live your life now! Surely if you invest your money in something that you can use during ... |
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| i'm just curios because when i'm gonna have a baby who is going to stay with ... |
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 How can i get money if im only 13?? |
i really feel bad asking my mom and dad for money because they hardly have
so i wanted some ideas on how i can make money!
Additional Details
and what is paper ... |
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 What are your money saving tips/tricks? |
| Now that the economy is in the shitter, most of us are trying to conserve our cash in some way or another. What are your tips and tricks? How do you reduce spending? What do you skimp on to save?... |
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 Should I pay off one of my student loans if I have the money? |
| I have a student loan that has a repayment balance of about $1100. (No, that is NOT my only student loan-i wish :) Right now, I have enough money saved up that I can just pay that loan off altogether,... |
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 How would be the best way for me to make money? |
| I am 14 years old and to to make some money to go out with some friends to a movie every week during the summer and i only got 25 dollars. It needs to be risk free please or dont put it down.... |
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| Am i middle class or upper class? |
| I am 25 years old, bachelor's and master's degree, no debt, and have $550K in the stock market (used to be $650 but took a hit in the recent volatility). i'm not trying to show off or ... |
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 How is money made? (literally)? |
honesty is there a machine or something that creates the money and it's like a factory where people work?
Why don't they just get the machine to make money for the poor?
... |
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 How am i meant to survive? |
| i work 15 hour days at two jobs (+2 hours of commuting), i have not been paid in a month, my gas has been cut off. i have no food, no money, no sleep and no heating or hot water. its the middle of ... |
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 I need to earn money fast? |
| I need to earn 300 dollars in less than 6 days because we are going on a vacation. Right now, I cant rake leaves or shovel snow. Also, I cant mow lawns because i dont have a lawnmower, and gas is way ... |
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Melissa | What should i do when my parents die and leave me their debt? |
my parents are not good with their money, they have a mortgage on trailer that isn't going to get anything on resale. my father is a truck driver, and isn't in the best health, my mother is doing fine, but anything can happen. i know that i am their beneficiary, they dont have life insurance, they dont have any 401k. they are just really really bad with their money, and have a ton of debt. if they die, will i be responsible for their debt? |
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lollipoppett2005
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Here in the UK any debts are taken out of anything that is left i.e. bank account etc. Debts in UK normally die with the person. I am not sure of legal standing in the US so check with a lawyer. |
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epbr123
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debt isn't inherited. whatever they owe will be taken out of your inheritance. |
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Midwest guy
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Their estate will be responsible for their debt. So you will not get any property or money until all the bills are paid. You will not be held liable unless of course you have your name on a title or loan with them. |
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Justsyd
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You won't be responsible unless your name is on their mortgage and bills. |
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non_apologetic_american
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No, you will not. I was the executor of my father's estate. When your first parent dies, the other parent assumes all assets and debts. When that remaining parent dies (or if they die together in a car crash or something) then the estate is passed on to the heirs. If that is just you (no brothers or sisters) than you automatically become the executor. If you have brothers or sisters, the executor is typically defined in their will...make sure they have one.
The executor goes about liquidating all assets (selling the home, cars, etc), and putting all liquid assets into an estate bank account. The account then pays what debts can be paid. The remaining debts go unpaid. You and your siblings (if you have any) can pay them if you want to, but you are NOT legally obligated to.
If really concerned about this, take out a term life insurance policy now on your father. Get him to sign it, with bills coming to you, but with you as the beneficiary. Then, when he dies you have some money to bury him and help your mom with the debt. |
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Cort
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NOOOOOOOO!
You will only be responsible for the debt of an item you choose to accept
For example if the house has a mortgage and you inherit the house (and choose to keep it) then you will owe the mortgage
So don't worry ...OK |
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ljb
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DISCLAIMER: NONE of the following can or should be construed as legal advice of any kind! Please speak to a lawyer and check your local laws for accurate advice!
Children are not typically liable for their parents' debts; unless you are liable for the debt under the original agreement (for example, if you co-signed a loan). Your parents' estate(s) will be responsible for the debt and if you are the executor of the estate(s) you may find yourself dealing with the headaches of creditors, selling off any assets so you (the estate) can pay off the debts, etc. You may also find yourself footing the funeral expenses. While you are not generally going to be liable for your parents' unsecured (ie credit card) debts, secured debts are a different story, because the property (ie the trailer) can generally be seized by the lender if the debt is not paid off. A caveat: if, for example, one parent dies and the other parent survives them and is still living in the home, it's possible the home would be safe from seizure, depending on how the home is/was owned. The relevant state will have laws about what debt has highest priority (and 2nd highest, 3rd highest, and so forth) for purposes of being paid off; things like mortgages and taxes are generally given a high priority, as are expenses related to administering the estate. Things like funeral expenses are generally given a lower priority.
DISCLAIMER: NONE of the above can or should be construed as legal advice of any kind! Please speak to a lawyer and check your local laws for accurate advice! |
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JoeItalia
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You should not be responsible for any debt that was not under your name. The sale of their estate will first go to pay off the debt. anything after that is taken as a loss to the company that provided the loans. You will not be responsible unless you signed your name under those loads taking responsibility for them in the event of death or inability to pay |
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Imaka
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No, you will not be responsible for your parent's debt unless you have cosigned a loan or mortgage with them. It might just mean that you don't inherit much from them when they die. |
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trigam41
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Wow, a lot of short answers. There's a lot to think about here.
First of all, are you on any of their notes? I.E. Are you a co-signer for any of their loans? If so, I would start talking to them now about getting rid of - or at least getting a handle on - that debt. If they die (or stay alive, but just stop making payments) you are responsible for that debt.
The truth of the matter is that you won't inherit debt. However, their death's (especially with no insurance) may put you in debt. You need to start planning for things like plots, caskets, burials, etc.
When your parents die, their estate will be liquidated to pay for their debt. Essentially, the trailer will be sold and that money will pay off the mortgage, then any other debt (if there's money left over). The assets in the 401(k) will be sold and that money will pay for any other debt that they have.
At the end of all of that, if there's money left over, it will be inherited by the heirs (I'm assuming that's you).
I hope that helps. The most important thing is to have conversations with them NOW. "Mom, Dad - Let's talk about healthy lifestyles. What does your estate look like? Do you have - do you need insurance? Do you want to be buried or cremated? Etc."
Good luck, and hopefully you won't have to worry about this for a while. |
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John L
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No you will not be responsible.
And they most likley will not die at the same time. After the first one dies (or before), try to help the other one erase their debt with a chapter 7 bankruptcy (in the US).
With the fresh start, and some guidance from you, maybe they can keep things in order and live a happier life. |
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Ricky Lee
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If you want to keep the trailer you will have to pay it off.If they have Credit card debt your not responsible |
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treepeople88
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No you wont. The only things you will be responsible for is the cost of burying/cremating them if you decide to claim their bodies. |
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teel2624
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I would advise you to contact a lawyer and a financial planner. I would imagine that the will might be able to be worded around it or something. |
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Maddy Waddy
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JS and Ricky Lee are correct. You are not responsible for your parents' debts unless you co-signed with them. If you intend to keep the trailer, however, you will have to maintain the payments and make arrangements to bring any arrearage current.
It is not wise for them to get insurance to pay off the debts. If they are in debt they probably can't afford any additional expenses. Additionally, many of the insurances that are sold with large ticket items are not worth the paper they're written on.
If it is disability insurance, the companies often claim the condition was pre-existing and will refuse payment. Depending on the solvency of the company, the insurance company itself could end up in bankruptcy
Encourage your parents to find ways to get out of debt and leave you with more than calls from bill collectors. They can check the Web site below for free help with their finances. Whatever assets they intend to leave you upon death should be given to you before they die; then the transfer will not have to be probated. If you are the only child, or the most trusted and responsible child, they should also add your name to their bank accounts. You will then be entitled to remove any funds from the account without a court order.
Your parents should check with an attorney concerning assets that they want transferred via a will. |
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Goddess T
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check out getting the insurance that pays off the balance when the person dies |
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Saundra L
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No. When they both pass away, their assets will be sold to pay for their debts and whatever remains of the debt will be erased because there is no one to collect from. |
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katrina
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Yes, sorry kiddo! |
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Emmi
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just use the money in your own pesonal ways! |
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