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boomerang
Posts: 12755
Location: CHS
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I've always assumed that when a parent dies and they have debt that the kids are responsible for paying it off. Is that true?
If so, is there anything the kids can do to protect themselves when an elderlyish parent begins to accumulate substantial debt -- like $10,000 a month worth of debt expenses?
What if this elderlyish parent is not mentally incapacitated but is a practicing attorney?
Any help appreciated!
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JPB
Posts: 13768
Location: IL, USA
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First, I'm not a lawyer but my understanding is that the debt liability of any individual falls to his/her estate. If there is not estate (no funds to pay off the debt) then there is no obligation to the heirs unless they've agreed to be responsible for it by co-signing or otherwise establishing themselves as responsible.
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Chai
Posts: 15583
Location: Austin, Tx
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Exactly so.
Unless of course you were a co-signer on something.
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boomerang
Posts: 12755
Location: CHS
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DrewDad
Posts: 14234
Location: Silicon Hills
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Chai
Posts: 15583
Location: Austin, Tx
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so, since he's going nuts and spending his childrens inheritance, why not ask him for a new car or something?
nothing on payments though, just buy it, ok dad?
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boomerang
Posts: 12755
Location: CHS
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I don't want anything from him!
Additionally, I don't think people should worry about leaving their kids an inheiratance. It's their money, they should spend it on themselves.
But in this case, he doesn't have nearly the amount of money he's spending which seems really creepy and selfish and stupid to me. I've never known anyone to do that intentionally.
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Chai
Posts: 15583
Location: Austin, Tx
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jeez, I was kidding.
At least you should try to get a microwave or maybe an ipod out of him.
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Green Witch
Posts: 5417
Location: In the woods.
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| DrewDad wrote: |
| Death cancels all debts. |
No way. I recently spoke to man who is selling his house to pay for his deceased wife's extensive medical bills and credit card debt. They can't get to her so they are after him.
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Rockhead
Posts: 6299
Location: looking over into the abyss
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Spouses and children are two seperate legal entities.
They cannot cross the generation gap for debts anymore than my parents could be made to pay my debts once I am an adult.
Not a lawyer either...
RH
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Posted: Mon Apr 28, 2008 7:17 am 
