Ask Terry Questions Spouse ill; too many questions!

Spouse ill; too many questions!

By Terry Savage on August 16, 2017 | Financial Planning / Retirement

I have so many credit cards. Several that I don't use anymore. I would like to get rid of some of them. 1. I have to call them to discontinue? Can't just cut them up? 2. Will that mess up my credit score? husband has stage 4 colon cancer and is self employed. Should I be changing our S corp over to me? I know too many questions

Terry Says

Too many questions, but important ones!

  1.  Re the credit cards:  you are probably paying an annual fee on each of the cards.  Call the card issuer and ask to have the account closed.  BUT keep your longest held cards, because they contribute positively to your credit score.  Also, I am sorry to hear about your husband and I hope he recovers.  But if he does not, then any cards in his name, on which you are not a signer, will become uncollectable after his death, except from his estate. And card issuers rarely go after an estate to collect.
  2. You need to consult an estate planning attorney NOW!  Ask your bank for a recommendation in your area.  There are important documents to be executed while your husband is able to act.  For sure, you need a healthcare power of attorney if you don't have one already.  And you might want to create a Revocable Living Trust to keep important assets like your house out of the time-consuming and costly process called probate.  A specialist attorney will also tell  you how to protect the business. Don't procrastinate on this!



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