If your parents die with more debts than assets, you will not get an inheritance, but you may be liable for some of their debt if you co-signed a loan or credit card.
That should cause you to consider the wisdom of co-signing loans or taking out credit cards with parents if they are struggling financially. According to the Consumer Bankruptcy Project, people older than 65 were the fastest-growing group declaring bankruptcy in the past few years.
While you may want to help your parents, remember that you will be wholly responsible for their debts even after they die if you are a co-signer on any of their accounts. So think twice about the long-term impact on your own finances before offering help that could cause you financial trouble down the road.
There are ways you can help without putting your own family at risk. Consider establishing a Florida Trust to help your parents. A trust will not increase your future debt and you can stipulate how the money may be spent. That can be a major advantage if your parents are financially irresponsible or are starting to suffer from health problems that impact their judgment.
The Dorcey Law Firm, PLC is a Florida Estate Planning, Asset Protection and Business Planning law firm with offices in Fort Myers, Florida and Naples, Florida. Our firm is dedicated to its clients, the rule of law and the betterment of the Southwest Florida community.
It is our goal to provide our clients with the highest level of legal services in the areas of Last Will and Testaments, Probate and Estate Administration, Living Trust, Irrevocable Trusts, Estate Planning, Asset Protection, and complete Business Planning. If you or someone you know needs information on Florida estate planning, please contact us today at 239-418-0169 to schedule your free consultation.
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Source: http://www.fortmyersestateplanning.com/?p=2210
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