Being the person who is responsible for the basic care needs of your elderly loved one can bring about a lot of new responsibility. Not only are you faced with ensuring that your loved one gets the time and attention that they need, but you will also be tending to various other aspects of their life. Part of this responsibility is making sure your loved one gets appropriate legal advice and representation.
Investing in residential real estate can be a profitable way to get some extra income, or even to earn a full-time living. Not only do you stand to receive monthly income from prospective renters, but if you maintain the mortgage in good standing it can help your credit score as well. Another helpful benefit is that you will add assets to your portfolio, opening the doors to other financial opportunities:
While filing for bankruptcy may seem like a viable option for discharging a decedent's debts, especially when there isn't enough money in the estate to pay off debts, it isn't always legally possible. When it is, several factors affect how bankruptcy procedures (either chapter 7 or chapter 13) can play into a decedent's estate.
Filing Chapter 7 Bankruptcy
Although federal rules governing bankruptcy procedure do not allow probate estates to file for bankruptcy, the law permits the bankruptcy court to continue with chapter 7 bankruptcy cases already in progress following the individual's death.
Having a loved one pass away is difficult enough to go through without adding the further, unneeded stress of waiting for an estate to clear probate. Probate is the legal proceedings that validate a deceased person's will. Until the will is deemed valid by a judge, everything included in a person's estate is virtually untouchable. This process can take a long period of time, especially if someone contests the will. Here are three ways you can help your loved ones avoid probate after you pass away.
Being in a car accident--even a minor one--can be a traumatizing experience. Fortunately, as long as you and the other drivers involved have auto insurance, you should be taken care of in terms of having any medical bills or other damages paid for (that is, as long as you have a personal injury lawyer on your side). Still, the claims process isn't always so straight forward, which is why it's a good idea to get a solid understanding of what to expect from the auto insurance company each step of the way.
