The number I heard for cremation was $1500. I havent actually priced it. The 1/2 cost of traditional does make sense though.

If we leave things as they are w/ the life insurance, (her kids named benficiaries) would we be leaving them open to creditors trying to collect after their mothers death? By that I mean assets outside of their mothers estate.

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Posted by Broke

AKA Buttercup

Member since Sep 2006

65050 posts

Posted on 3/16/10 at 10:41 am to Chris4x4gill2

quote:
If we leave things as they are w/ the life insurance, (her kids named benficiaries) would we be leaving them open to creditors trying to collect after their mothers death? By that I mean assets outside of their mothers estate.

That life insurance is not part of her estate since it has no cash value. It's not included and the creditors MAY come looking for it but it's been my experience that they have no legal grounds for capturing those assets.

I am not a legal or tax expert but I would get in touch with one.

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Posted by John Merlyn

Member since Oct 2009

2203 posts

Posted on 3/16/10 at 10:52 am to Chris4x4gill2

quote:
If we leave things as they are w/ the life insurance, (her kids named benficiaries) would we be leaving them open to creditors trying to collect after their mothers death? By that I mean assets outside of their mothers estate.

As long as the debts are not secured or named in the policy, then the beneficiary would be off the hook.

In my opinion, she should keep the policy unless the $40 keeps her from putting groceries on the table. You said she was in bad health, is there someone else in the family who could make the payments? Think of it as a college fund for the girls.

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