Get “$” Fit Challenge- January

The inheritance no one wants…

We as a society get all worked up about the items we’ll inherit if a loved one dies. The china, jewelry, furniture, automobiles, art and houses become minute when it comes to this unexpected inheritance. This inheritance is one not usually discussed in families.

Have you figured out when I’m talking about yet?

I’m talking about the DEBT our loved one leaves behind for us to deal with. Whether you are their child or significant other their debt will fall onto you. I recently read an article from Securian Financial Group. They conducted a survey on how many people had debt, the kinds of debt they have and how they choose to deal with it.

The largest debt of the Baby Boomers is their mortgages, while the debt of the millennial’s is their student loans. A key difference is the millennial’s will inherit the baby boomer debt, not the other way around.

Most in the survey were not prepared to deal with the debt left behind. Some knew or had an idea what would happen and were prepared to deal with it. The article covered what it would mean if you were a cosigner with the deceased.

Don’t assume debt disappears when a loved one dies. This does not always happen. Extra stress is imposed on survivors who don’t know about debts of their loved ones.

Knowing about what kind of debt your loved one has and being prepared to deal with the outcome if they die is a great Financial Strategy For Life.

The article with the survey is below. Click the link to learn more.

Published on Securian Life insurance, retirement, employee benefits, asset management, loan protection, careers

( on 11/27/13 3:02 pm CST

Debt: The inheritance no one wants



Nearly one-third of Americans surveyed by Securian Financial Group say they haven’t thought about what would happen to their debt if they – or their cosigners – were to pass away unexpectedly. Fewer than 13 percent say they have taken steps to protect themselves from the sudden loss of a borrower.




Source URL:

About Sara Seasholtz

Sara Seasholtz, CFP®, was voted one of "50 Most Influential Women in Charlotte" by The Mecklenburg Times in 2011, and has assisted her clients with their financial planning needs for over 40 years. Have a financial question? ASK SARA!


Get free updates from Financial Strategies for Life™ directly in your email inbox. Your information will be kept completely private.

, , ,

Comments are closed.

This communication is strictly intended for individuals residing in the states of CO, CT, FL, MO, NC, NY, SC, TX, VA, WI . No offers may be made or accepted from any resident outside the specific state(s) referenced.

A Broker/dealer, investment adviser, BD agent, or IA rep may only transact business in a state if first registered, or is excluded or exempt from state broker/dealer, investment adviser, BD agent, or IA registration requirements as appropriate. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements, or an applicable exemption or exclusion. For information concerning the licensing status or disciplinary history of a broker/dealer, investment adviser, BD agent, or IA rep, a consumer should contact his or her state securities law administrator.

Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client's evaluation.