โSep-19-2017 08:39 AM
โSep-21-2017 07:35 PM
โSep-21-2017 02:11 PM
โSep-21-2017 02:05 PM
Bumpyroad wrote:afidel wrote:pnichols wrote:
If the old geezer owns a house, they should always buy an RV by opening a small mortgage on their house to pay just for the RV. Mortgage money has the lowest interest rates and of course can be borrowed against a 30 year payback.
An old geezer can't get any lower monthly RV payments than that.
Actually if they're smart they've transferred the home to a trusted child so that it's not considered an asset, either of the estate or for Medicare nursing home purposes. Transferring a home before the Medicare lookback process is one of the best ways to transfer wealth to your kids.
but they would run into that $10,000 rule, or it was 10K in my experience for "gifting". also, are the state/feds going to ignore that increase in value from $7,000 when purchased to $500,000 now?
bumpy
โSep-21-2017 11:52 AM
afidel wrote:pnichols wrote:
If the old geezer owns a house, they should always buy an RV by opening a small mortgage on their house to pay just for the RV. Mortgage money has the lowest interest rates and of course can be borrowed against a 30 year payback.
An old geezer can't get any lower monthly RV payments than that.
Actually if they're smart they've transferred the home to a trusted child so that it's not considered an asset, either of the estate or for Medicare nursing home purposes. Transferring a home before the Medicare lookback process is one of the best ways to transfer wealth to your kids.
โSep-21-2017 11:48 AM
DownTheAvenue wrote:Lwiddis wrote:
Well, Down, sorta in California. Debts are paid in a specific order - see Probate Code Section 11420. A vehicle loan is in class (7). Way down the line.
I thought I was clear, the assets of the estate pay any remaining debts. If the assets of the estate do not cover all the debts, then anything left is just written off by the creditor. It doesn't matter in what order the debts must be paid. Again, DEBT CANNOT BE INHERITED. There is no, "sorta in California..."
โSep-21-2017 10:35 AM
Lwiddis wrote:
Well, Down, sorta in California. Debts are paid in a specific order - see Probate Code Section 11420. A vehicle loan is in class (7). Way down the line.
โSep-21-2017 09:25 AM
pnichols wrote:
If the old geezer owns a house, they should always buy an RV by opening a small mortgage on their house to pay just for the RV. Mortgage money has the lowest interest rates and of course can be borrowed against a 30 year payback.
An old geezer can't get any lower monthly RV payments than that.
โSep-20-2017 06:33 PM
โSep-20-2017 06:31 PM
mich800 wrote:
I am surprised. I thought based on our average age here more do not have experience dealing with an estate after a loved one has died. Grand parents, great grandparents etc.
โSep-20-2017 04:53 PM
sayoung wrote:
I had to handle an estate back in 99 that only had one asset, a fairly new corvette bought on that 0 down ****. He knew he had terminal cancer
After trying to sell it before the next payment, realized it wasn't happening with enough $ to satisfy loan. Contacted GMAC & just took it back
โSep-20-2017 04:42 PM
Paul1944 wrote:
Most likely in this situation the bank would require that the borrower purchase credit life insurance that will pay the remainder of the loan in the event of death.
โSep-20-2017 04:28 PM
โSep-20-2017 03:18 PM
โSep-20-2017 07:32 AM
Bumpyroad wrote:The value according to the OP scenario is to hit the end totally broke and never fully pay for the RV. To maximize your monthly annuity payment there would be no residual. It would be a risk you take but you would never run out of money. If you want to leave some money you can buy some life insurance that is paid direct to the beneficiary and does not get mingled in the estate.
if a "life" "DOH" annuity ends with death, it provides no real value in this situation. I thought that some of them had a minimum that they would yield however, so there could be some excess which would be lost???
bumpy