Thank you so much in advance for any advice you can give, I have a bit of a hard situation, a friend of a friend has entered a bit of a rough situation, he is 60 years old and has been diagnosed with stage 4 cancer. The doctors are saying that he has 2 more years to live. He has a wife and a daughter that he has been taking care of and if he passes wants to make sure they are in as strong of fiscal shape possible.
Numbers:
— INCOME —
Business - makes 58k but requires him, when she takes over it can expect to make 20k
Wife job - 38k
— DEBT/ASSETS —
House - 205k mortgage, 315k value
2 cars - Paid off - 9k
Medical bills to hospital 7k
Credit cards, old medical debt - 6k
— INSURANCE —
Life insurance policy on him 2x 50k
Life insurance policy on her 50k
Current Plan
Apply for disability
Turn business into just her name, or sell it.
ReFi House to just her name
Get will drawn up
Questions
Are there any subsidized home lenders for widows, or any other options for her to keep the house?
Is it possible for him to get additional life insurance?
All of the credit cards are in his name, can she avoid paying them?
Is it easy enough and worth while for him to leave the LLC for the business?