>For everyone who isn't familiar with bankruptcy law or hasn't been casually informed - how do they survive retirement
That's a big thing that breaks my heart to see happen. People have a giant pile of medical bills, and a large 401(k), and decide to raid their retirement funds to pay off the bills when there's neither a legal nor moral obligation to do so.
>if you're retired in a state that isn't protective of your primary residence (and lots of people have retired to places that aren't Texas) then what?
My standard advice is to limit your home equity via a mortgage or line-of-credit. Losing a $300k house to creditors sucks, losing the $60k in home equity on a $300k house sucks a lot less.
>and what if your mind is deteriorating, then it's on your inattentive descendants to make sure all of this is running as it should be?
You should have a well-documented financial plan anyhow, especially if you want to make it easy for your heirs to deal with your financial assets.
That's a big thing that breaks my heart to see happen. People have a giant pile of medical bills, and a large 401(k), and decide to raid their retirement funds to pay off the bills when there's neither a legal nor moral obligation to do so.
>if you're retired in a state that isn't protective of your primary residence (and lots of people have retired to places that aren't Texas) then what?
My standard advice is to limit your home equity via a mortgage or line-of-credit. Losing a $300k house to creditors sucks, losing the $60k in home equity on a $300k house sucks a lot less.
>and what if your mind is deteriorating, then it's on your inattentive descendants to make sure all of this is running as it should be?
You should have a well-documented financial plan anyhow, especially if you want to make it easy for your heirs to deal with your financial assets.