When faced with debts incurred by your deceased parents, consult with an experienced El Dorado Hills estate planning attorney for guidance. You may be liable for certain debts, while others may be waived or forgiven. At the Law Office of Paul R. Kraft, I pride myself in providing each client with personalized attention. For more than fourteen years, I have served clients throughout Sacramento, El Dorado, and Placer Counties.
Request a free estate planning consultation by contacting my firm today at (888) 487-3361.
Instead, creditors often pursue settlements through values in the actual estate. Children rarely, if ever, have to pay out of their own pockets to settle their parents' debts. This also usually applies to spousal debt. Certain exceptions apply, especially if you are partly responsible for that debt. Perhaps your name is on a lease, or you and your parent or spouse took out a joint loan. In these cases, you are more likely to be responsible for settling with those creditors.
In short, it is unlikely that your children will have to pay for your debt. However, most debts do not just disappear with your passing. Parents can help shield their heirs through thoughtful, protective estate planning. As an experienced estate planning attorney, I often recommend several scenarios through which parents can help prevent their children from facing a financial burden as a result of inherited debt.
Consult with my estate planning firm today by calling (888) 487-3361 regarding your questions about parent's debt in El Dorado Hills.