Estate Planning – When death is imminent and debts have mounted

Just a note on this given the complexity of the situations and combinations that can be present in any situation where death is imminent.  If you or a loved one is in this situation, make sure to retain counsel immediately to make sure that the entire picture for the person is reviewed and what claims will be present from creditors post death.  Many times the assets from qualified funds (401ks and 403bs and IRAs) will be withdrawn to pay these debts in last minute moves to “clean up an estate” before death.  This can create IRS debt that is less flexible and can be a high priority in probate.  So you need to be careful before making moves to pay-down debt within the the tightened timeline that is present in an imminent death situation.  The best thing to do is get good counsel.  It is als0 important to include the person who will be in charge of handling the affairs post death to be involved in the processes leading up to death.  Need help?  Call my office for a consultation.

Todd Courser 810-245-0813