Kahn Berman Solomon Taibel & Mogol logo

Kahn, Berman, Solomon Taibel & Mogol, P.A.

307 International Circle, Suite 620

Hunt Valley, MD 21030-1487

 

Phone: 410-308-0300

Fax:     410-308-0303

 

Email: info@kbstm.com

Website: www.kbstm.com

July 2024

Avoid Passing Debt to Loved Ones

Learning, bicycle and proud dad teaching his young son to ride while wearing a helmet for safety in their family home garden. Active father helping and supporting his child while cycling outside

No one wants to think about it, but no one is guaranteed tomorrow. Nearly half of Americans are concerned about passing on debt to loved ones. According to Experian, debt tends to peak somewhere around middle age. Among Millennials, 17% have specific concerns about passing on education debt.* While it is never easy, there are steps you can take to help alleviate this stress.


THINGS TO DO
Make a concerted effort to lower your debt, especially high-interest credit card debt, and avoid accruing more. Buy nothing you don't absolutely need until you've paid off all of your high interest debt.


A SAFETY NET
Overall, 21% of those who expect to pass on debt don’t own life insurance, which is the one thing that you should consider buying as you continue to pay off debt.* Should the unthinkable happen, the benefits can help provide financially for your loved ones. Your financial professional can review your needs and offer coverage options that are usually more affordable than you may think.


*Source: Nasdaq Personal Finance, 2024

Previous Next

SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.