Posted on January 09, 2020 in Estate Planning / Probate

Estate planning is never on anybody's list of "favorite things to do," but it's really important to have those plans in place — just in case something happens. However, choosing the right people to manage those responsibilities can be complicated, especially if you don't know what each person is supposed to do.

Here's what each person involved in your estate will need to do:

The executor

Your executor is the person who acts as your personal representative. Their job is to secure your assets, pay your debts and follow the distribution guidelines of your will. While that sounds fairly simple, it can sometimes put them into conflict with family members (especially if they aren't happy about the will). A good executor is someone who lives close enough to be practical and well-trusted.

A guardian

If you have minor children or a parent over which you have guardianship, someone will need to take charge of them after you are gone. While the final decision regarding guardianship is up to the court, your opinion does matter. Spelling out exactly who you trust to care for the people you love is essential.

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 Posted on January 08, 2020 in Bankruptcy

Medical debt is a serious problem for many people — even those who have insurance and are relatively stable, financially. A 2016 survey found that more than one-quarter of people in the United States have experienced problems paying a medical bill.

Here are some of the most jaw-dropping statistics about medical debts in the modern era:

• As far back as 2007, medical problems and medical bills were contributing factors to two-thirds of all consumer bankruptcies — a figure that had increased dramatically since just 2001.
• Three-fourths of debtors who filed bankruptcy over medical debt have insurance. However, gaps in coverage, high deductibles, pricey medications, and uncovered procedures and tests leave them exposed to financial liabilities they can't cover.
• Many of the people who file bankruptcy over medical debt are middle-aged or approaching middle-age (with an average age of almost 45). About three-fifths have college degrees.

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