Re: credit card debt
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Posted by Boadicea
(167.127.24.25) on July 02, 2004 at 14:03:02:
In Reply to: credit card debt posted by frank on July 02, 2004 at 12:51:15:
My post got hijacked by some glitch in the board. Oh, well! Anyway, here's the Cliff Notes version of what I wrote: Get a will and have all of your personal property go to your kids. No estate = nothing for the creditors to get! If your insurance policies directly NAME your kids as the beneficiaries, that money does NOT go to your estate and they can't go after your kids for the proceeds. Talk to your bank and assign your kids as POD (payment on death) on the bank accounts. Your kids will not have access to the accounts while you're alive, the kids get the funds paid to them after your death, and there's nothing your creditors can do to go after the kids. Let the kids know what the account numbers are. Live a long life! :-)
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