• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
      • Estate and Gift Tax
      • Estate Planning
      • Estate Planning for Blended Families
      • Estate Planning for Parents
      • FAQs for Families Without an Estate Plan
      • Incapacity Planning
      • In-Home Elder Care FAQs
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Philanthropy and Estate Planning
      • Planning for Long-Term Care
      • Pet Planning
      • Revocable Living Trust FAQs
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Incorporate Debt Planning and Estate Planning in Essex Junction VT

Incorporate Debt Planning and Estate Planning in Essex Junction VT

October 11, 2013 by Stephen Unsworth

debt planning and estate planning in essex junction vtSo many times, we get wrapped up in either paying down our debt – our mortgages, credit cards, student loans – or we focus on our estate plans. That usually includes our wills, life insurance, retirement, and end of life considerations. Rarely, though, do we see the benefit of covering all the bases for the same ultimate goal. That could be because we’re focused on our mortgage and retirement funds early on in our adult lives and as we approach retirement, we focus on enjoying the sacrifices of those 30 years of paying the mortgage and contributions to our 401 (k). Maybe there’s a better way. Maybe it’s as simple as combining your debt planning and estate planning efforts for a seamless game plan.

The More Things Change, the More They Stay the Same

One of the primary reasons why thinking of the two important life dynamics is because it’s still not uncommon, even in our modern society, for one spouse to handle the finances alone. New realities await the spouse who’s not typically involved in the day to day budgeting but who is suddenly faced with monthly payments, credit card balances and car payments. Naturally, this isn’t limited just to those past retirement age – it’s something that younger couples should at least consider – even if it feels years away.

Debt Planning and Estate Planning in Essex Junction VT

Your estate planning attorney can work with you to figure out the best way to approach credit issues: Should you have joint or separate credit card accounts? What about checking accounts? Depending on your own situation and unique family dynamics, your estate attorney might advise you to consider other options, especially if those situations include remarriage or one spouse who’s better disciplined from a financial perspective.

In some states, joint credit can imply 100 percent obligation of the surviving spouse for any credit card balances; not only that, but if there’s an additional card that’s issued on the same account, it can change the rules in terms of how some banks and card companies may attempt to collect a debt after the death of one spouse. If there are charges after the death of that spouse, that could change the “rules”, so to speak, too.

The Estate

In many states, it’s the estate’s responsibility to handle unpaid balances. That can ultimately affect the joint assets, even if it doesn’t affect the surviving spouse’s credit history. Don’t forget community property states, either. The guidelines vary greatly when it comes to paying creditors. Again, your estate planning lawyer can provide legal guidance.

On joint accounts, you’ll need to maintain payments as you always have; for those open accounts in your spouse’s name, the estate will likely shoulder those payments. Your credit rating is at stake, remember.

Identity Theft

Finally, there’s another important reality in our modern society: identity theft. It’s one of the fastest growing crimes in the U.S. Make no mistake: identity thieves troll the obituary pages in search of those whom they can prey upon in difficult times. This is just one good reason why checking your credit report often is always advised. You are entitled, by law, to one complimentary credit report annually. Take advantage of that, especially in these difficult times, so that you can catch potential problems. By taking a proactive stance versus a reactive one, you’re better able to avoid adding another problem as you go about the business of grieving your loved one.

As your estate planning lawyer, our goal is to help you as you help yourself in preparing these important legal and financial documents. Give us a call and let’s see how current your estate plan is.

  • Author
  • Recent Posts
Stephen Unsworth
Stephen Unsworth
Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen Unsworth
Latest posts by Stephen Unsworth (see all)
  • Does My 401(k) Account Count for Medicaid Eligibility? - October 20, 2022
  • Senior Care Options - October 18, 2022
  • Is an Oral Will Valid in Vermont? - October 13, 2022

Filed Under: Uncategorized Tagged With: mortgages, identity theft, community property states, credit histories, credit reports, debt planning and estate planning in essex junction vt, Estate Planning, debt planning, retirement 401 (k), credit card debt

Other Articles You May Find Useful

Essex Junction elder law attorneys
What You Need to Know about Elder Abuse
Essex Junction Medicaid planning attorneys
How to Apply for Senior Medicaid in Vermont
Planning for the “Silver Tsunami”
Discharge of Indebtedness Income and Student Loan Forgiveness
More than Just Salad Dressing: The Ongoing Saga of Newman’s Own Foundation
Essex Junction Medicaid planning attorneys
Does My 401(k) Account Count for Medicaid Eligibility?

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.