Filial laws in many states make adult children responsible for parents unpaid medical bills, nursing homes etc. even if they signed as " responsible party." We constantly get offers from our life insurance co. that we "qualify for upping the amount." We can only afford on our limited income the life insurance we have to cover minimal buried costs. Do insurance companies want us to have bigger coverage so that God forbid our be responsible for medical debts if any?
So far in late 70s we are in decent health and able to pay all Medicare co-pays. TV inundated with ins. companies commercials depicting parents assuring their adult children that there is insurance to cover expenses after their death. My favorite one (?) " you are covered, no dr. checkups needed etc. , only $9.95 a month! Whee. They don't mention that it's $9.95 a month per $1,000 unit. So let's say I wanted $20,000. life ins. policy each for both of us, it would be approx. $400.00 per month!
Thanks for any input.
Nanabinx
Filial laws are intended to ensure that the rich don't leave their parents on the street to die or in a home at taxpayers expense. It is a bit ambiguous when you read up on it. There are lots of variables that come in to play. Unless you end up on Medicaid and your children have money this is probably not a real concern.
Your estate will go through probate, unless you have a trust that owns everything, your creditors will file claims against your estate and a judge will determine what gets paid before any inheritance is distributed. If you have a trust, I bet it has a provision that states bills get paid before the distribution takes place.
If money is a concern, please put your wishes in writing. I just get so sad when I hear that someone spent money they didn't have to bury a parent, cremation is so much cheaper than a burial and quite frankly it is unfair to not let your kids know what to do with you when you pass and to pay for it if you want a big to do.
Had POAs and DNRs drawn up years ago. That decision saved me a lot of angst when my husband was diagnosed w/ vascular dementia. Not easy to have to take over all decisions re: his health issues but I get no grief from anyone. 🤓
Thanks again. Blessings & hugs.
Nanabinx