Learn essential financial considerations for estate planning so your family won’t be left with challenges when you die
How is debt and credit handled when someone dies? This issue affects surviving family members, creditors, and the legal system, making financial planning an essential aspect of estate planning.
Understanding how debts are managed, and the legal steps involved in handling credit posthumously can provide valuable insights into estate planning, inheritance, and the financial stability of surviving family members.
In this Episode:
- 03:52 – 7 Ways to Die in the Future: Your Spacesuit Springs a Leak
- 06:50 – Recipe of the Week: Mrs. Carter’s Strawberry Cake
- 07:50 – Debt and Credit after Death, How to Prepare with Estate Planning
- 16:49 – You Can’t Take it With You
- 19:31 – Outro
Related Podcasts:
- S2E19: What Happens to Debt and Credit After Death?
- S4E52: Are You Prepared to Die? Get Ideas for Your Advance Care Planning
- S4E13: How to Protect Last Wishes for LGBTQ+ Individuals: a Guide for Advance Planning with Ezra Salter
- S5E17: Digital Assets after Death…What Happens to Your Phone?
- S5E18: How to be Prepared for the Digital Afterlife
- S5E21: What You Need to Know to Prepare for Your Digital Afterlife
References:
- You-Cant-Take-It-with-You-1938.pdf (screenwritersnetwork.org)
- Lee, H., & Kim, S. (2018). The Impact of Debt on Bereaved Families: Financial and Psychological Considerations. Journal of Gerontology and Social Work, 61(4), 309-325.
- Smith, J. (2020). Debt Settlement After Death: A Legal Perspective. Journal of Financial Law, 35(2), 145-162.
- 7 Ways to Die in the Future: https://futurism.com/7-ways-die-future
Resources:
- The National Endowment for Financial Education (NEFE): https://www.nefe.org/
- Credit and Debt After Death: What You Need to Know (Equifax)
- Debt After Death: 9 Things You Need to Know (credit.com)
- Credit card debt after death: Who’s responsible and what’s forgiven? (credit karma)
- Community Property in the United States
- My Final Playbook – Website | My Final Playbook – Apple App
You Can’t Take it With You
Charlie and Marianne share a bit of the script from the 1938 classic film, “You Can’t Take it With You” (based on the award-winning play) about family and money. Our scene today comes toward the end of the film with the quote: “You can’t take it with you….So what good is it? As near as I can see, the only thing you can take with you is the love of your friends.“
Recipe of the Week
Today we feature Rosalyn Carter’s famous strawberry cake. It’s an easy one to whip up, and sure to be a favorite any time of the year, but we bet it’s awesome chilled in the summer! Here’s the recipe from the U.S. Archives:
https://blog.feedspot.com/palliative_care_podcasts/
Everyone Dies: and yes, it is normal!
Everyone Dies (and yes, it is normal) is a story about a young boy named Jax who finds something special on the beach where he and his grandpa Pops are enjoying a wonderful day. Pops helps Jax understand that death is a normal part of life. This book provides an age appropriate, non-scary, comfortable way to introduce the important topic of mortality to a preschool child. Its simple explanation will last a lifetime. Autographed copies for sale at: www.everyonediesthebook.com. Also available at Amazon
Mourning Jewelry
We offer a way to memorialize your loved one or treasured pet with a piece of handmade jewelry. When people comment on it and the wearer can say for example “I received this when my mother died” which opens the conversation about this loss. All our jewelry is made with semi-precious stones and beads, vintage beads, and pearls. You can choose between earrings or bracelets and the color family. Learn More
