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Aging parents' debt can be problem for adult children

Estate planning can be a tricky and delicate subject for many people. Talking about death, especially one's one, is not something that comes easy. However, pre-planning in this area can not only make things easier for surviving family members when a death occurs but can also save heirs a lot of money. There are many ways that children or other survivors of deceased loved ones end up facing costly situations that could be avoided by the simple act of creating a valid will and asset valuation ahead of time.

It can also be highly important for adult childrent to be aware of and involved in their aging parents' finances, especially if they need long-term care. With the high costs involved in providing care or housing for the elderly, high debt can also be incurred. This debt can in some cases be passed on to the heirs be they surviving children or other family members after the person had died.

A recent survey shows a strong need for adult children to be involved in their aging parents’ finances as almost half are found to not pay bills or pay them late and many others have depleted savings accounts. Experts indicate that long term health care costs are a leading source of debt for people and, clauses signed at the time of accepting long-term care can leave heirs liable for the balance due at the time of death.

Wealth protection, estate planning and related topics are not just for the presumed wealthy but are important for everyone. Combining good financial planning as people age along with proper will planning can help to prevent unexpected bills after the death of a loved one. Working with an experienced estate planning attorney can be a wise way to help avoid such a situation.

Source: MSN Money, “Dying with debt,” Steve Yoder, June 12, 2013

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