Funeral Content Index - Page 1

When someone dies, a family may hold a funeral in that person's honor. What's involved in planning a funeral and how much does a funeral cost? What are the next steps a family should take after a funeral? Learn about the personal finance and law aspects of funerals here. We also offer resources you can use to plan a funeral.

If you're age 62 or older and have paid off your home, you may think about getting a reverse mortgage. A reverse mortgage is a way to tap into your home's equity but it comes at a cost. Interest accrues on the reverse mortgage, which will need to be paid off when you or your heirs sell the home. Is a reverse mortgage right for you? Can you use reverse mortgage funds to pay for a funeral? What can you do if you didn't understand the terms of the reverse mortgage you already got?

When a homeowner dies and it's unclear who inherits the home it may mean you need to hire an estate attorney. If you cannot afford to hire an estate attorney to help you sort out inheritance issues, you may seek assistance from a local legal aid clinic. It's difficult to resolve a complex house inheritance situation without some outside help.

As you get older you may decide to put your assets in a life estate, in order to protect them and to make ends meet. When an asset that's part of the life estate gets sold, the life estate owner receives the proceeds, but the sale is only valid while the life estate owner is alive. After the life estate owner's death, the assets get transferred to the remaindermen (or beneficiaries) of the life estate.

If someone dies without assets in their estate, there is no way to pay off that person’s debts. Without assets, the debts die with the person. Unless there are living cosigners on that person’s account, no one is responsible for ensuring those debts are paid.

It’s not a good idea to put real property or assets into a minor’s or child’s name while you’re still alive. Turning assets over to your children also turns over control of those assets while you’re still alive. Taxes may also be incurred by the children if they don’t inherit the property.

These days, the average American family owes more than $9,000 in credit card debt. That means more people are dying with balances on their credit card accounts. If the estate of the debtholder has the cash, then those funds must be used to pay off these debts before the estate can be settled and any leftover funds distributed to the heirs.

Is a quit claim deed valid when the signatory is deceased prior to the quit claim deed's execution? Can the notary who approved the signature on the quit claim deed be held accountable? Notaries' role in the quit claim deed process is crucial and it depends on state law.

When your spouse dies with credit card debt, is it your responsibility to pay it off? It depends on whether the person who died had an estate with money to pay off the credit cards. If the deceased did not have an estate to pay off the debt it may fall to the spouse, depending on whose name was on the credit cards.

When you're planning your estate there's lots of factors to consider and federal tax law tends to change annually so it's important to be aware of what limits apply to the years you're interested in. In addition to federal taxes you'll want to take into account state taxes and capital gains taxes. An experienced estate attorney can help you navigate through estate planning regulations to successfully secure your estate.

This article contains several frequently asked questions about funerals. What options are right for you as you plan your funeral? What do funeral costs include?