All Posts in "Personal Finance/Consumers"

If your loved one died leaving significant debt behind, would you know what to do?
It’s a worrisome question for everyone. Young or old, based on particular debt circumstances or geographic location, death with debt can provide significant problems for surviving family members. Depending on state law and the specific credit relationships involved, they might be shocked to learn that they could be legally liable for a deceased relative’s outstanding debt – anything from unpaid mortgage balances and medical debt to unpaid credit card balances.
Spouses (http://www.practicalmoneyskills.com/unexpecteddeath) who may share any kind of debt jointly, particularly credit cards in dual name, could face greater challenges. It also may spell problems for co-signers of any kind of loan.
As with all financial planning, the best time to act is before an issue arises. Watching any family deal with extensive debt problems after a spouse or relative passes on illustrates the need for financial transparency while all parties are alive. No matter how difficult a family member’s credit circumstances are, spouses and adult children should face those circumstances while options are available to deal with any problems.
Spouses can begin by requesting and sharing their three free annual credit reports (https://www.annualcreditreport.com/index.action) from TransUnion, Experian and Equifax to confirm debt status. Once that information is out in the open, it’s time for the couple or family members to deal with specific circumstances related to that debt. For example, a young couple may have different debt issues than an older, retired couple, but both should consider how they would handle the debts of a spouse or legal partner after death. It can be helpful to meet with a qualified financial or estate expert about ways to extinguish or manage debt issues as part of current financial and estate planning.
It is particularly important for borrowers and their executors to know what categories of the deceased’s debts will likely need to be repaid after their death and other debts that might be canceled or forgiven. Generally, certain forms of unsecured debt held in the deceased’s name alone – like credit cards or federal student loans – may likely be discharged, but check with qualified experts first.
Any kind of debt held in joint name should be evaluated. Spouses, legal partners and family members who have co-signed loans or joint credit accounts of any kind risk payoff responsibility for that debt if their co-borrower dies. Experts can advise how to deal with individual situations.
Experts also may suggest that co-borrowers without credit in their own names apply for a credit card in separate names while their spouse is still alive. A separate credit account, if responsibly managed, can help the survivor qualify for additional credit in their name after a spouse or legal partner dies.
Keep in mind that all debt situations are unique to the individual. For example, a senior who qualifies for nursing home care under Medicaid (public aid) may have family members who will need to sell the senior’s home to address certain expenses after he or she has died. It is best to prepare relatives for that possibility in advance. Separately, a healthy senior relative may leave a home to heirs still under mortgage, or there could be a significant tax debt.
Airing and reviewing these issues in advance can either prepare relatives for certain realities or enable them to solve problems while the relative is still alive.
Bottom line: Dealing with a deceased relative’s debt can add stress at a particularly worrisome time for spouses and relatives. The best option is transparency while relatives are alive so debt issues can be addressed as part of overall estate planning.

Jason Alderman, who wrote this article, directs Visa’s financial education programs.

srmedia by — May 6, 2015 in Personal Finance/Consumers

This year’s Grand Puyallup RV Show will provide a showcase of new RVs, seminars, attractions and manufactured-housing exhibits over four days April 30-May 3 at the Washington State Fair’s Event Center in Puyallup.
“There is no better place to comparison-shop local dealers and see all the new RVs in one convenient location,” said Dave Helgeson, show director.
The show’s hours are Thursday and Friday from 11 a.m. to 8 p.m., Saturday from 10 a.m. to 8 p.m. and Sunday from 10 a.m. to 5 p.m. Ticket prices are $8 if purchased in advance online or $10 at the gate for adults younger than 62 and, $7 (online) or $9 (at the gate) for seniors 62 or older. Children 17 or younger will be admitted free if accompanied by a paying adult.
Free parking will be available all four days at the fair’s Blue parking lot.
Additional information is available at http://puyalluprvshow.com.

The Grand Puyallup RV Show will include the latest models.
The Grand Puyallup RV Show will include the latest models.
srmedia by — April 28, 2015 in Personal Finance/Consumers

Cherished Acres Estates is celebrating the opening of a newly licensed adult family home.

Hopeful House joins Cherished Acres’ three other adult family facilities (Faithful House, Grace House and Wisdom House) on the 24-acre campus in the south Auburn area. Information and referrals are available at 253-740-0341.

Cherished Acres Estates also has an adult daycare center that’s open to the community. Registration and information is available at 253-347-4750 and cherishedacresestates.com.

The owner of Cherished Acres Estates is Jennifer Hendrickx, a retired dental hygienist who worked in private dental offices and nursing homes.

srmedia by — April 8, 2015 in Personal Finance/Consumers

Caregivers from Family Resource Homce Care help meet the needs of seniors living in their own homes by spending two to 24 hours a day with them.
Caregivers from Family Resource Homce Care help meet the needs of seniors living in their own homes by spending two to 24 hours a day with them.

According to Maria Holt, client care supervisor and Tacoma branch manager for Family Resource Home Care, by the year 2016, the population is expected to consist of more people over the age of 65 than school-age children.
“The population is aging at an incredible rate,” said Holt.
Family Resource Home Care provides in-home care services that are geared to allow clients to stay in their homes as long as possible. The company offers non-medical assistance to help clients live at home comfortably and independently by providing assistance with bathing, toileting, dressing, grooming, walking and medications.
Family Resource personnel also help with meal planning and preparation, run errands, and provide companionship and respite care. Caregivers will do light housekeeping, including laundry and linens.
“People want to stay at home, and now they have that option,” said Holt.
Family Resource Home Care will meet with families and complete an assessment visit at no charge, said Holt.
“What is important is talking to the person and family and going over the options for them, not telling them what to do,” she said.
That assessment visit includes determining how the client likes things done, such as what time they like to take their shower and eat breakfast, or understanding if they need help with medications.
Holt said the safety of all clients is extremely important to Family Resource Home Care, which does a thorough background check on all employees.
“As a licensed homecare agency in the Washington, our employees have to be bondable. We do an FBI background check with fingerprinting, which has been a requirement since 2012 for home healthcare agencies,” she said.
The screening also includes a State Patrol background check and a third-party company that completes a nationwide background check. All employees must have a certified nurse aide license or registered nurse aide license, said Holt.
Sheila McKannay, vice president of client care, said she, the staff and the owner of Family Resource Home Care all have years of experience working in elder care.
The company offers care from the beginning of services to the very end in an effort to provide a positive experience for the clients and the family members, said McKannay.
“We make it very personal. When someone calls to inquire about our services, we want to know about their loved one, their situation and everything that we can, because the more we know, the better job we can do,” she said, adding that a home visit to learn about the client and develop good communication is also important.
Family Resource Home Care serves over 350 clients and employs 350-plus caregivers.
Clients can use a minimum of two hours to 24 hours of care per day. A family member makes the determination of how may hours of service are needed.
“When I do an assessment, I ask what is the most pressing need. Is the client falling at night? I ask the questions and they are able to decide what they need. We are flexible,” she said.
McKannay noted the industry has grown extensively in the last 10 to 12 years.
“People are living longer and have the option of staying home, and with the explosion of senior living communities, elder care has become a big business,” she said.
Eddy Renstrom and his brother used Family Resource Home Care for their mother. “They were wonderful,” he said. “We started out with three days a week for a couple of hours a day to help mom with bathing and with her grooming, and then they developed a good friendship.”
Renstrom said his mother confided in the caregiver, and often after her routine work was completed, the caregiver stayed to watch a movie with his mom.
McKannay said Family Resource Home Care is responsive to changing needs and makes an on-call supervisor available for emergencies 24 hours a day. More information is available at familyresourcehomecare.com.

Joan Cronk, who wrote this article, is a freelance writer.

Joan Cronk by — March 20, 2015 in Personal Finance/Consumers