Dying with debt: A dirty little retirement secret

Originally posted by Korg Trinity

Originally posted by babybunnies
Actually, this is not entirely correct.

The Estate of the deceased is still liable for the bills of the deceased. Therefore, he who inherits or has Power of Attorney, likely also gets the bills too.

I've seen plenty of letters from lawyers that say things like "the bills will be settled before the estate is paid out" etc. in my job.

I'd be pretty careful before using up all your kids' inheritance.

Quite!

I suspect the OP and subsequent agreeing posters have little to no life experience, it's sometimes easy to spot someone in their teens or early 20's based upon the potholes they stumble on.

Life truly is the greatest teacher.

Korg.

Or maybe I have more experience and knowledge than those such as yourself?

Let's see:
1. I am over 40
2. I have children
3. I have run my own business successfully for the past 5 years
4. I have a degree in biochemistry
5. I have made a 6 figure income for the past 10 years
6. I own two homes
7. I own three vehicles

It's about structuring your assets in a manner that they aren't yours on paper. I will die a pauper on paper but those important to me will get it all.

Credit card debt cannot be passed onto my family since none of them signed a contract with the issuing bank.

Let's hear about how great a teacher life has been to you, bubba. I'm sure whatever you own is done so in a manner that creditors can come after it. Maybe your teacher wasn't as good as mine?

Originally posted by bozzchem

Originally posted by Korg Trinity

Originally posted by babybunnies
Actually, this is not entirely correct.

The Estate of the deceased is still liable for the bills of the deceased. Therefore, he who inherits or has Power of Attorney, likely also gets the bills too.

I've seen plenty of letters from lawyers that say things like "the bills will be settled before the estate is paid out" etc. in my job.

I'd be pretty careful before using up all your kids' inheritance.

Quite!

I suspect the OP and subsequent agreeing posters have little to no life experience, it's sometimes easy to spot someone in their teens or early 20's based upon the potholes they stumble on.

Life truly is the greatest teacher.

Korg.

Let's see:
1. I am over 40
2. I have children
3. I have run my own business successfully for the past 5 years
4. I have a degree in biochemistry
5. I have made a 6 figure income for the past 10 years
6. I own two homes
7. I own three vehicles

Look, I am a professional; I won't say what field but trust me when I say that I know how to spot a Lamb in wolf’s clothing, your comments in your OP make it very clear that the above could only be true if a) you’re a complete idiot or b) you seem to think you are somehow worth more than others and only care about yourself.

You should know that: -

1. If you earned a 6 figure number and you die in debt, it would stick out like a baboons bum in winter... Not only would they notice this but they would also know that it would be profitable to peruse and spend money doing so to ensure the debt is paid + more probably.

2. If your assets are not yours on paper, then guess what... They are not yours, as such means you have very little net worth in the eyes of the creditors, which in turn means your not going to get a credit card with much on it, or in fact borrow much money at all.

3. If you have already got large credit cards and the credit company / bank can prove they provided these these based upon asset worth at the time, then even the ownership of the property is irelivant. I have personally seen cases where assets have had to be sold and the proceeds shared because people thought they could get away with signing over.

4. Legally speaking there is a 7 year gap of ownership where if you have signed your assets to a family member and die within 7 years, the assets are still 100% recoverable and concidered direct assets of your "estate".

5. Having a degree does not equal to wisdom and life experience...

6. When a debt is written off, what tends to happen is the interest rate for that company you owe goes up by the amount to recover cost in a % hike and then the bank / creditor applies to the government for a tax credit. So in essence we all end up paying for your last laugh in tax hikes.

Your idea that this is somehow o.k. is what makes me the most angry!!

So yes I am peeved with you and yes I do think you are either a child incarnate or your attitude is childish and devoid of a larger view of the world and yes I think you should re-evaluate your your life, because it's people like you that are causing the rest of us to suffer....

If all of your points above are true then I just hope your end comes more quickly than your monumentally idiotic plan is fulfilled.

Korg.

Originally posted by Korg Trinity
Look, I am a professional; I won't say what field but trust me when I say that I know how to spot a Lamb in wolf’s clothing, your comments in your OP make it very clear that the above could only be true if a) you’re a complete idiot or b) you seem to think you are somehow worth more than others and only care about yourself.

You should know that: -

1. If you earned a 6 figure number and you die in debt, it would stick out like a baboons bum in winter... Not only would they notice this but they would also know that it would be profitable to peruse and spend money doing so to ensure the debt is paid + more probably.

2. If your assets are not yours on paper, then guess what... They are not yours, as such means you have very little net worth in the eyes of the creditors, which in turn means your not going to get a credit card with much on it, or in fact borrow much money at all.

3. If you have already got large credit cards and the credit company / bank can prove they provided these these based upon asset worth at the time, then even the ownership of the property is irelivant. I have personally seen cases where assets have had to be sold and the proceeds shared because people thought they could get away with signing over.

4. Legally speaking there is a 7 year gap of ownership where if you have signed your assets to a family member and die within 7 years, the assets are still 100% recoverable and concidered direct assets of your "estate".

5. Having a degree does not equal to wisdom and life experience...

6. When a debt is written off, what tends to happen is the interest rate for that company you owe goes up by the amount to recover cost in a % hike and then the bank / creditor applies to the government for a tax credit. So in essence we all end up paying for your last laugh in tax hikes.

Your idea that this is somehow o.k. is what makes me the most angry!!

So yes I am peeved with you and yes I do think you are either a child incarnate or your attitude is childish and devoid of a larger view of the world and yes I think you should re-evaluate your your life, because it's people like you that are causing the rest of us to suffer....

If all of your points above are true then I just hope your end comes more quickly than your monumentally idiotic plan is fulfilled.

Korg.

I can assure you that everything stated was true. Interesting that only one of us has the balls to state the truth.

You are a professional what? I will not resort to using terms such as idiot or other denigrating terms since reading your post tells me that you aren't an idiot but are merely ignorant.

I'll do my best to refute your fallacious attacks but have to assume you have the intellect to understand and research my claims.

1. Dying in debt regardless of one's income is getting quite common these days. I can earn 6 figures for years and wind up in massive debt from hospital bills.

2. My assets are all "owned" by corporations and I am allowed to use them. None of them can be touched by the State or an individual wishing to sue me since....ding ding ding....they aren't in my name. I still have the keys to both houses and to all my vehicles all of which will be passed via a means that doesn't even require a will...so your point?

3. (Use your spell check next time, eh?) I have credit cards with sufficient purchasing power to get pretty much anything I need. Currently they are at a zero balance since paying interest is silly when you can use them for their rewards, pay off the balance at the end of each month and the credit card company is the ultimate loser since they get not one penny from me in interest yet I get monthly rewards for using their cards. Um, see my response for point 2 since apparently you're not grasping the concept of asset protection. There is nothing they can take from me.

4. Once again, see my response to point 2. Nothing has been transferred to anyone who could be associated with me.

5. I agree 100%. Actually, I'm beginning to believe getting a degree is a waste of time and money but am not fully convinced of that just yet. Then again, you've provided NOTHING to indicate you have a degree, wisdom or life experience so this is really just my response to you flapping your yap.

6. Boo hoo. You're breaking my heart.

While you are exceptionally shortsighted and pathetically ignorant, I appreciate the time you took to pine away on my post. Maybe if you spent the time you did learning about how things work rather than showing the aforementioned to be true descriptors of yourself, you'd be better off.

Originally posted by bozzchem

6. Boo hoo. You're breaking my heart.

While you are exceptionally shortsighted and pathetically ignorant, I appreciate the time you took to pine away on my post. Maybe if you spent the time you did learning about how things work rather than showing the aforementioned to be true descriptors of yourself, you'd be better off.

Your response to point 6 sums up your childish attitude. Basically you are someone whom only cares about oneself and couldn't give a damn about anything else, right??

When I said life is a great teacher, perhaps you will realise later on what has the greatest value in life. Why not try doing something good for a complete stranger for a taster of what life is really all about.

I am not religious, I am however someone whom has experienced a significant amount of life and can say that your attitude is out of phase with what life is really about.

I'll let you and now apparently the entire board into a secret... (I was going to explain whom and what experience I have but decided against it as I don't want to ruin my experience here on ats thank you very much and you probably wouldn't believe me anyway!!)

I will give this to you however....

The four rules of a happy life....

1. Having a goal is important... but not as important as the journey
2. When making decisions always choose that which represents the greater good
3. Always put others first before yourself
4. Everyday give yourself a present (doesn't have to be materialistic)

Following this simple guide and I guarantee you and your family will be happier than they are now, for however much money you may accumulate you cannot buy life!

Korg.

reply to post by Korg Trinity


I have 2 IRA's , a 401k, an annuity, and a pension, and I'm still going to run a debt up sooo high before I die. I don't think I can hurt America by making some credit card company eat my bill. And if tax payer money is used to pay for it, just consider it even for all my tax money (no kids, no wife, no house, BIG taxes) .

Originally posted by sbc650mike
reply to post by Korg Trinity

 

I have 2 IRA's , a 401k, an annuity, and a pension, and I'm still going to run a debt up sooo high before I die. I don't think I can hurt America by making some credit card company eat my bill. And if tax payer money is used to pay for it, just consider it even for all my tax money (no kids, no wife, no house, BIG taxes) .

I feel sorry for you man, I really do.

Have you considered that your attitude towards life is the reason you have no wife, no kids and no house??

What you give will come back to you 10 fold, this is also true of what you take!

Korg.

Yeah, that degree sure was a waste. Good luck pulling in six figures without one!

Originally posted by americanwoman
Yeah, that degree sure was a waste. Good luck pulling in six figures without one!

Actually, pulling in six figures has little to do with education and a lot more to do with attitude. Most graduates find that they have to start at the bottom and work their way up just like anyone else.

In business it's who you know and how you are as much as it is what you know.

There are some exceptions such as teachers, medical staff and scientific community members.

Korg.