<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by PALADIN4440:
Are children responsible for the debts of the parents upon thier death?
My mother-in-law is in her late 80'S and is approx. $50,000-$75,000 in debt.
We reside in Virginia<HR></BLOCKQUOTE>
My response:
No. At least not from the children's personal funds or holdings.
However, if Mom has any kind of an estate right now that includes property, both real and personal, including bank accounts (except Social Security funds), automobiles, furnishings, then those forms of property are subject to attack by the creditors.
You and Mom should speak with an Estate Planning lawyer ASAP to determine whether any such property can be protected; e.g., homestead, transfer of ownership, etc. and start planning now for the inevitable.
IAAL
------------------
By reading the “Response” to your question or comment, you agree that: The opinions expressed herein by "I AM ALWAYS LIABLE" are designed to provide educational information only and are not intended to, nor do they, offer legal advice. Opinions expressed to you in this site are not intended to, nor does it, create an attorney-client relationship, nor does it constitute legal advice to any person reviewing such information. No electronic communication with "I AM ALWAYS LIABLE," on its own, will generate an attorney-client relationship, nor will it be considered an attorney-client privileged communication. You further agree that you will obtain your own attorney's advice and counsel for your questions responded to herein by "I AM ALWAYS LIABLE."
