Will you inherit your parents’ debt? Have you ever considered this possibility? The death of a parent is in itself difficult to deal with. There are so many loose ends that need to be tied up and this usually falls on the child or children of the one who has passed. What many Americans don’t realize is it may be possible that you will have to deal with any lingering debt that was left behind. Have you ever asked yourself “will I inherit my parent’s debt? This article in HartfordBusiness.com points out what you may be responsible for and what you can do to decrease the chances of this happening.
While many of the debts will be put as claims against the estate, there are steps you can take to limit the amount that will be deducted from any possible inheritance. As the author points out, some creditors are willing to accept less than what is owed. A qualified debt settlement attorney can make sure that your legal bases are covered when trying to negotiate a settlement. An attorney that focuses on this area can likely negotiate large reductions in the amount that is owed while ensuring that there will be no lingering legal repercussions against the estate in the future.
Author: Kevin Fallon McCarthy