Fortunately, that is normally not the case. There are some exceptions, however, and some processes can ensure surviving family members will not leave unpaid debts. The Estate Pays, Not the Survivors When a person dies with unpaid debt, that debt does not directly pass to the surviving family. In other words, they don’t inherit the bills. However, that debt doesn’t just vanish. Unpaid debt becomes the responsibility of the deceased person’s estate....

We’ll go over some of the most common exclusions and other out-of-pocket costs you may be responsible for, as well as different coverage levels to help decide if pet insurance is right for you. Does Pet Insurance Cover Preexisting Conditions? Pet insurance plans almost never cover a preexisting condition. Insurers typically have detailed definitions about what constitutes one, but in general, it’s a condition or illness your pet had before signing up or that appeared during the waiting period....

Learn more about President Trump’s economic policies and how they affected the U.S. economy. The COVID-19 Pandemic On March 13, 2020, Trump proclaimed a national emergency to control the spread of the coronavirus pandemic. He signed four stimulus bills that provided more than $2 trillion to agencies, businesses, and families facing the crisis. Trump launched “Operation Warp Speed” to develop and distribute safe vaccines and treatments in record time, and invoked the Defense Production Act to get assistance from U....

How Cash-Out Refinancing Works A cash-out refinance will happen when you replace an existing home loan by refinancing with a new, larger loan. By borrowing more than you currently owe, the lender provides cash that you can use for anything you want. In most cases, the “cash” comes in the form of a check or wire transfer to your bank account. How to Use the Money You can use the proceeds of your loan any way you like....

A PACE loan might be a viable option for funding. Property Assessed Clean Energy (PACE) financing makes it easy to qualify for relatively affordable long-term loans, but there are pros and cons to going this route. Details of PACE Financing PACE financing is a way to borrow money for clean energy projects. Property owners repay the borrowed funds along with their property taxes, and the assessment remains with the property—not with the original borrower—if it hasn’t been paid off by the time a property is sold....

How Recasting Works A recast is a recalculation of your mortgage based on how much you currently owe. Presumably, you’ve paid down your principal since you first took out the mortgage. You will also be required to make an additional lump-sum payment and pay a small fee to recast. Your new mortgage terms will be based on the balance remaining after that lump-sum payment, typically for the same remaining term. You’ll pay off the loan with fixed monthly payments just as you’ve been doing, and the payments generally don’t change over the life of your loan unless you have an adjustable-rate mortgage....

These options aren’t mutually exclusive. You can do all three for the best possible result. How To Reduce Taxable Income Your adjusted gross income (AGI) is the key element in determining your taxes. It’s the starting number for calculations, and your tax rate and various tax credits and deductions depend on it. You won’t be able to qualify for certain credits or deductions if it’s too high. The more money you make, the higher your AGI will be, and the more you’ll pay in income tax....

Learn more about how different investment fee schedules work and how wealth management fees are calculated. Flat Investment Management Fees Under a flat fee schedule, fee calculation is simple. On the measurement date, whichever asset band your account relationship falls into is what you pay. All assets in the fund are charged a single rate payable to the advisor. Here’s an example of a flat fee schedule based on your assets:...

The uproar over unfair trading practices came after Robinhood and other brokers restricted trading in some stocks last week as volatility soared and frenetic trading from both individual investors and Wall Street hedge funds took stock prices on a wild ride. Individual investors said the restrictions prevented them from being able to participate at crucial times when stocks were surging, and at least 30 lawsuits across the country were filed against Robinhood by irate retail investors....

While in a foreign land, you might send funds to another country for several reasons: To support your family and loved ones in your home countryTo get local currency while overseasTo repay loansTo buy things It’s critical to use remittance payments wisely. As an expatriate, you typically don’t have the experience and resources available to avoid paying steep fees. On average, remittances cost 6.5% of the amount you send (but you might pay more or less)....

When you are resigning from a job for family reasons, you may want to mention this in your resignation letter. It’s a good way to let your employer know that you’re not moving on because of any issues with the job or the company, and it may leave the door open should you find that you want to return to your current position after your family condition changes. However, don’t feel that you have to share the details of the situation prompting your resignation with employers beyond using phrases like “family reasons” or “personal circumstances....

Tom Werner / Getty Images Student loan borrowers who gained prior approval from the Department of Education (ED) on claims for so-called “borrower defense” debt relief will receive full forgiveness of their loans, the department announced Thursday. Under the borrower defense program, federal borrowers are allowed to seek cancellation of their direct loans if the school they attended engaged in certain misconduct. The change could help about 72,000 federal borrowers, the ED said....

If you work with clients, one way to alleviate some stress is to communicate clearly with them about your maternity leave, and making sure they’re taken care of while you’re out. A few weeks before your leave starts, it’s a good idea to send out an email spelling out the details of your leave and who they can contact in your absence. Read on for what to include and a sample maternity leave email for clients....

Both secured credit cards and prepaid cards require you to deposit money before you can start making purchases. Both can be used in most of the same places that credit cards can be used, e.g. grocery stores, gas pumps, etc. But, that’s where the similarities end. How Secured Credit Cards Work A secured credit card requires you to make a security deposit against the credit limit before you can be approved for the card....

Why You Need an Emergency Fund Short-term savings can be a financial lifeline when you have unexpected expenses or your income undergoes a dramatic change. For example, you might need to lean on savings if you’re laid off from your job or your water heater conks out. Aside from that, short-term savings can give you the freedom to splurge with your paycheck on occasion since you know that your emergency fund is there if you need it....

A Roth conversion of an existing retirement account is a major decision, particularly in a year when your income might be at least marginally off-track due to circumstances beyond your control. Making the right call for your circumstances can be easier when you understand the logistics and the tax implications of such a move. Roth Accounts vs. Tax-Deferred Accounts Understanding a Roth conversion begins with knowing the difference between a Roth retirement account and a tax-deferred account, such as a traditional IRA....

It’s a fairly common scenario that everyone should be prepared to face. According to the Employee Benefit Research Institute, 46% of retirees enter retirement earlier than they planned, and only a quarter of them willingly chose to retire early. The main reason for taking an early retirement differs by race. While white retirees said they could afford to retire earlier than planned, Black retirees left work early because of a health problem or disability....

When reading the will, note the following: Special instructions regarding the decedent’s funeral, cremation, or burial The beneficiary of the decedent’s personal effects Who receives any specific bequests The beneficiary of the decedent’s residuary estate Who is named as the Personal Representative or Executor The Trustee of any trusts created under the will Who is to be the Guardian or Conservator for any minors of the decedent The date and location where the will was signed Who signed the will as witnesses and Notary Public...

The report, which focused on poverty and income, showed that, by one measure, poverty actually decreased last year amid the pandemic’s economic downturn. Besides the stimulus payments, unemployment benefits, which were greatly enhanced in response to the pandemic, had a big impact, preventing 5.5 million people from falling into poverty. That’s according to the Census’s supplemental poverty measure, which took into account the stimulus payments and taxes, which are left out of the so-called official poverty rate calculated by the government....

The calculation is straightforward and it does the job for a majority of businesses that don’t need one of the more complex methodologies. How to Calculate Straight Line Depreciation Take the purchase price or acquisition cost of an asset, then subtract the salvage value at the time it’s either retired, sold, or otherwise disposed of. Now divide this figure by the total product years the asset can reasonably be expected to benefit your company....