What is the name of your state?What is the name of your state?What is the name of your state? California
Recently, within the past month, my mother-in-law had a 'mild' heart attack. She is in her mid 70's. She is fine now, however, this caused concern to my wife and myself. We had been living in the duplex, next door to them for about 7 years, taking care of things, like repairs around the house, taking them grocery shopping, and my wife is their 'accountant'. About 2 years ago, we move out to our own house.
We are still 'taking care of things' for them. We only moved about 4 blocks up the same street.
The questions become:
What do we need to do in order to 'prepare' for the time when they pass on?
Even now, my wife has to struggle occasionally with several accounts that her parents have. These creditors don't want to give her 'authority' to check on these credit accounts. If her parents include her in her account, then their accounts appear in her credit bureau reports.
This isn't kosher, because several of these credit accounts are 'borrowed' lines of credit to other family members, daughters and one grandson. My mother in law wants to 'give' to her family and of course, she doesn't need to consult us on what she does with 'her' credit.
If they send my father or mother in law checks on time and such, then 'they' (my wife) don't have to ask for extensions to the creditors, for example.
Of course, if everything is fine in the account, no errors, then making payments dutifully every month, isn't a problem.
What about their house? If either of them die, will the creditors be able to come in and demand payment of these debts(All together, total @ $20,000). If they pass away,
they want to dispurse assets to their daughters, so how can we help them set this up?
Hope someone can help,
Unsure
Recently, within the past month, my mother-in-law had a 'mild' heart attack. She is in her mid 70's. She is fine now, however, this caused concern to my wife and myself. We had been living in the duplex, next door to them for about 7 years, taking care of things, like repairs around the house, taking them grocery shopping, and my wife is their 'accountant'. About 2 years ago, we move out to our own house.
We are still 'taking care of things' for them. We only moved about 4 blocks up the same street.
The questions become:
What do we need to do in order to 'prepare' for the time when they pass on?
Even now, my wife has to struggle occasionally with several accounts that her parents have. These creditors don't want to give her 'authority' to check on these credit accounts. If her parents include her in her account, then their accounts appear in her credit bureau reports.
This isn't kosher, because several of these credit accounts are 'borrowed' lines of credit to other family members, daughters and one grandson. My mother in law wants to 'give' to her family and of course, she doesn't need to consult us on what she does with 'her' credit.
If they send my father or mother in law checks on time and such, then 'they' (my wife) don't have to ask for extensions to the creditors, for example.
Of course, if everything is fine in the account, no errors, then making payments dutifully every month, isn't a problem.
What about their house? If either of them die, will the creditors be able to come in and demand payment of these debts(All together, total @ $20,000). If they pass away,
they want to dispurse assets to their daughters, so how can we help them set this up?
Hope someone can help,
Unsure