Just asked a question about getting life insurance for my mom who has Multiple Sclerosis, but to my stupidity, i didnt realize that would be next to impossible. She has a lot of debt, and i'm trying to do the smart thing and take care of it now or at least plan for it. Will her debt become mine? Will her Pension dissbility from the Marines benefit in any way? I just never had to think about all this stuff. Thanks
2007-07-01 04:40:20 · 6 answers · asked by Anonymous in Business & Finance ➔ Insurance
There are some things you need to be doing.
Has she applied for social security disability? Is she capable of handling her own affairs? What is her life expectancy?
Don't cosign or borrow money to pay her bills off or you will be liable.
For burial expenses you can either get a guaranteed issue life policy, they are easy to get. You can also set up a burial fund.
Some of these things depend on how old she is now and her life expectancy. Another thing to think about is who will take care of her when she can't take care of herself.
Some states have fillial responsibility laws, meaning if she gets on medicaid and has to go to a nursing home children may have to help pay the bill. Check out www.elderlawanswers.com they may have more information.
I hope this helps.
2007-07-01 07:53:13 · answer #1 · answered by deda15 2 · 0⤊ 0⤋
OK, one at a time.
Her debt will not become yours. It's the "sins of the parent" doctrine. You are in no way responsible for her debt. That said, if you inherit her entire estate, the debtors will seek her estate to repay the debt, and her debts will tie up her estate in probate. Essentially, her debtors will repay the debt from the remainder of her estate.
About her Marines "pension disability," I'm not sure what you're talking about. Military people have group term life insurance; if she had that, it will be paid at the time of her debt, and will go to whomever she named as a beneficiary.
HTH
2007-07-01 04:50:24 · answer #2 · answered by CJ 4 · 0⤊ 0⤋
Her debt will NOT become yours. It's not inheritable. Most likely, if you're not a minor, you won't have any access to her military pension, either.
She WOULD be eligible for a one time social security death benefit of $255.
2007-07-01 05:06:32 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
Her debt won't become yours. If she has any assets, they could be taken toward her debt, but beyond that, it would be written off.
Sorry to hear of her and your troubles. Good luck
2007-07-01 07:09:38 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Maybe you could call all of her deptors and let them know whats going on with your aunt or read her mail or whatever. Sorry about your aunt and her reponsibilities. Hope you come up with a solution to this.
2007-07-01 04:48:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
All the people who answered were right. The other key thing is to make sure your mother has a will.
2007-07-01 06:14:34 · answer #6 · answered by gatorgirl 5 · 0⤊ 0⤋