how do you afford it?

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Feb 20, 2015 | 10:27 AM

#211

BuzzCap7

Club Member

Joined: Apr 2007

Posts: 69,901

Likes: 18,590

From: South Florida

This subject matter of estate planning 'n all is really fascinating. Each state is diff I am sure. Then u have the federal laws.

I went thru it maybe 5-7 yrs back with an estate planning atty and on occasion other items comes up that tie into updating ones estate planning ppwk.

There is more to it than what meets the eye especially when you get into the nitty gritty of how to protect your assets. AND the assets as they are passed down (out of your control??) which is really fascinating.

But all of this likely should have its own thread.

The OPer is likely scratching his head saying I only asked about how ppl can afford a new bike every 3 yrs. LOL

I think I am a part of the thread Hijacking so I will STFU now.

BuzzCap7

Feb 22, 2015 | 11:32 AM

#212

cficole

Outstanding HDF Member

Joined: Jul 2014

Posts: 3,133

Likes: 504

From: Lake County, IL

Quote:

Originally Posted by Ron750

The debts will be taken out of the estate, but they can't force heirs to pay. Especially if there are none. The creditors have to eat it.

Heirs and legatees aren't obligated by debt they never agreed to. Typically it's the credit card companies that fall into this situation.

Quote:

Originally Posted by howitzer88

I believe to avoid this, you have all of your accounts in a trust to your kids or loved ones. I could be wrong.

This won't help with secured debt. The bank can still take the house, and the finance companies can take the bike, car, boat, etc.

It's also good to keep in mind that the businesses that promote trusts are in the business of selling trusts, and making a nice profit at it. Trusts can be useful, but they don't work miracles. They're just one tool in the lawyer's toolbox.

Feb 22, 2015 | 02:49 PM

#213

mikeo33y

Road Warrior

Joined: May 2012

Posts: 1,570

Likes: 117

From: Southeast NC

i work 55 hrs a week every week for the last 29 yrs. im 53. House almost paid for. one kid in college and another going next year. im not paying for any of it. they will make there own life and appreciate it more because they r paying for it. son joined Air Force to pay and daughter doing the loan thing. Bought my 13 ultra 2 yrs ago. You only live once and dead is dead. You aint coming back. Wife said buy it after i threw the idea around for 5 years. But i know ill never buy a cvo. just not doable. I enjoy what i have and dont dwell on what other folks have. god bless the guy who makes enough to buy that cvo. I took a hit on my 401k to enjoy some of it before i croak or im to old and beat up to ride. Remember Dead is dead. You aint waking up the next day to try again.