am I going to be left with my parents debt after they die??
552945
The estate will be responsible for the debts up to the amount of their assets.  However any debts in excess will not pass on to you.  Hopefully your parents have life insurance that will take care of most of their debts in event of an untimely death.  \n\nIf you are worried about your parents financial situation, you should talk to them about it.  You may want to pay for a fee-only financial planner to have a consultation with them.  It is your parents money, so you should think of it as helping them be more comfortable, rather than protecting your inheritance.
1022459
You dont pay estate taxes on anything under $4 MILLION.  so unless your parents have more than that, you wont pay a dime.\nOnly about 1 in 250 people will ever be affected by it.
926266
If the credit card account was a joint account then yes, you are liable.  If you were just a secondary card holder, you would need to look at the contract to see if secondary card holders are liable for debts of the primary card holder upon death.  \n\nYou could also call your state's attorney general and they may be able to inform you of laws regarding your situation.  \n\nEither way, even though it was your mother's debt, it is a liability that has to be paid by her estate.  If it wasn't paid by her estate, you would need to check with an estate lawyer to see if you are liable for your mother's debts.  If you were the executor and in charge of paying off liabilities and disbursing of assets, you may be liable since you didn't take care of all of the estate's liabilities.
808584
have you checked on deferment. They have a lot of options. You can get it deferred if you are underemployed (not making a lot). They also have a income sensitive repayment. You pay 4%-50% of your monthly income at long at it is at least the interest. You can also pay interest only for up to 4 years. Interest will accrue but look on the bright side..when you die, it's paid off. I would contact the place you have your loan and ask them about these. If you have more than 1 loan, I would consolidate them and just make one payment.
535629
Ask an attorney, you don't want to do anything illegal and then get the shaft in the end. I thought that he could write a will and sign his money over to you, that way it's not in his name. Or, you can use it to pay his hospice nurses. But most importantly I would ask a lawyer
403216
the executor of the estate is supposed to divie up the remains equally, i think; and that means for everything that is sold you get an equal share.  if they sold it, it doesnt matter if they already spent their portion of what they got, they still owe you your share.  you can sue them.  its a shame people act so selfishly and unethical towards each other when their parent dies.
515134
You still have to pay it.  You owe the mom that much -- esentially, she loaned it to you.
1164318
If they are willing to spend the money on lawyer's fees, a very long time. Debts don't disappear just because they are old. You either pay them or try to declare bankruptcy. If they get a court judgment against you, they can garnish your wages and have the sheriff seize your property.
810842
To see that ALL of the will's directions are followed. You will also have to dispose(sell)  or distribute any worldy goods of the departed one. Also, you will need to see that all the bills of the departed one are paid. The money comes from liquidating assets of the departed one.  You need to take the will to probate and they will direct you in the legal matters.  In our state you can claim 2.5% of all assets for the duties you have performed. This is optional.  I was executrix of my fathers will and did not take the 2.5%. I just divided everything equally amongst me and my siblings after paying dad's bills (including the funeral). Your state might have slightly different laws so check with probate.  I am in Georgia.     m
565494
I'm so sorry about your loss.  I've been there and I know it's tough.  Talk to the funeral home and see if they have payment options.  I would advise against taking money out of you company's retirement plan - 401(k).  The penalties (10%) and taxes (15-28%) make it unprofitable.  Plus you lose all the interest/time the money would be working for you.\n\nCheck with your bank.  If you're a good customer, they may make you a personal loan.
499115
Well, sounds to me like you may never get your money here. I would just be upfront...tell her that your parents have decided they would like to buy it and since she has been unable to pay you the agreed upon amount you are going to sell it to them. She has renigged on her agreement and that gives you the right to sell it to someone else. If her and her uncle are upset...they will get over it.
286180
Immediately yes!! But tread lightly! Losing a parent is very difficult. You've got to plan the funereal, find out where the parent was financially, and if there was Life Insurance, and of course, the estate. I lost my dad about a year and a half ago and still grieve his loss!
17645
I am guessing they get a big inheritance? That is a question I would like an answer to!
544706
unless you are planning on living in a cardboard box, or are filthy rich, you better be saving!!! minimum to set aside is 10% of your income, but that is bare bones minimum. don't count on the government of any country to help you, and if they do, it will be subsistance level only, don't expect to be warm and well fed. you have only yourselves to count on. I certainly hope your children will take care of you, but that mostly depends on how you raise them. are you raising them to believe that family is important, and that old people are to be respected and honored? are you raising them to be responsible adults and to have respect for others and themselves? even so, they could have tragedies in their own lives that prevent them from being there. and when you consider that people are living longer than ever, how do you think you are going to pay for your food, housing, medicine for all those years after retirement if you don't have some set aside? I bet if you go into a senior center or retirement home in any country, you will find plenty of people going without medicine, food, and other important things because their social security or government benefits just aren't enough. contact a financial advisor or do some research yourself and start saving and investing now.
1007956
Get to an elder law attorney TODAY to make sure that you can take this money in such a way that it is not reachable by Medicaid liens.  You may have to disclaim the inheritance (and you should if a Medicaid lien threatens to take a large portion of it).\n\nAnd, if a relative is on Medicaid, please, please see an elder law attorney to write your will in such a way that it doesn't hurt them.
1041607
There really is only one downside to taking out a reverse mortgage.  The children are not left with 100% of the value of the home for an inheritance.\n\nWith both of your parents being 78, they qualify to get around $230,000 to use as they will.  The house is still in their name it just shows that there is a mortgage on the home like any other conventional mortgage.  They can take the full amount in a lump sum, split it up in monthly payments or leave it in a line of credit which right now has a growth rate of about 7%.  This means if they didn't touch the line of credit in one year they would have $246,000 dollars.  With the line of credit they are only charged interest on what they pull out of the line of credit and that interest rate right now is right around 6.5%.  The rest of the money sits there untouched until they need it.  These loans are set up so that there should always be equity in the home to pass along to their heirs.\n\nAll of this money is tax free and there are no monthly payments to make.  You CAN make a payment if you want and are concerned about keeping the balance down.  You even get a tax break if you pay back the interest you are being charged.\n\nThis is a much better option than a home equity loan which you have to make high monthly payments and if something happens and they get behind could lose their home.\n\nSo really the only downside to reverse mortgages is that someone like you wouldn't get 100% of the home value for your inheritance.\n\nI'd be happy to send you some more information if you would like.  This is what I specialize in and our company can do reverses almost anywhere in the country.  If you would like some more information please email me at bburns@griffinloans.com
578237
His estate is liable for it.  If there's an executor, they may be bound to settle the debt, depending on the agreement grandfather entered into when the debt was created.  You should consult an attorney.