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debt and estate issues

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lennstrom14

Junior Member
What is the name of your state (only U.S. law)? ny

my husband is bipolar/obsessive compulsive spender....several times gone into credit card debt ,,,now in debt payment program for the credit card debt for the next 2 years....
just got word from estate attorney that he is named on his aunts will ...he might inherit something .if he inherits something (there are a total of 9 cousins mentioned in the will ) --will is going to probate.....is there a way to make sure if he inherits something that the credit card debt firm is paid so what he owes his creditors is paid off in full...and or / mortgage rather than him pissing away any inheritance....
i am his power of attorney ....and wife...
the reason we have a mortgage is due to credit card refinancing ...

thanks for your help ...
 


Farfalla

Member
Do you live with your husband? Can you talk with him about this and get some sort of agreement on what will happen with the money?
 

lennstrom14

Junior Member
inheritance and credit card debt issue

yes, i live with my husband...i am an accountant ..and his poa..talking to him
has not stopped him from borrowing on credit cards and buying things on impulse ..things he doesnt use...he is going thru debt relief program to pay off 60,000 of debt for approx a 2 year period...and he also has an add'l amount to pay on a line of credit and a couple credit cards that were not part of the program...they are 21% interest rates and are approx 10000 add'l ...when i was working i didnt realize he had this problem...he is a pack rat with trains and toys in basement and things stored in garage too--he is 65 yr old soon...
he has borrowed on cards (his own ) --i have always kept my finances separate from his ...thank goodness..and my credit is excellent in my name only...
his mother died a few yrs ago and the money she left him went to pay off credit card debt then too ...it wasnt till the debt program was told by me that he was still using his other cards to buy things that they told me to tell him to stop or its fraud...they are trying to negotiate and settle with his credit card companies...this i assume is the only leverage i have to tell him i have been in contact with them and he must pay off his debts first...
i assume if he inherits money it will have to be used to pay down his creditors first before anything else --otherwise wouldnt this be fraud since not all creditor have been paid as yet ...the next largest debt he has is our home which he mortgaged to pay for credit debt he had about 10 yrs ago ...and i would not let him refinance again when he needed to borrow for credit debt hence along came the debt program...
he has been borrowing from his ira accts ..and raising our income taxes due to taxation of them and i told him to stop this asap ...he will also have to declare amount of credit that is forgiven on our taxes too....
since he is bipolar /ocd and wont get help per his dr...can he be forced to pay what he inherits to debt company ...i am disabled and his health is not that great if something should happen to him i want his debts paid ...life insurance should pay for the mortgage and i have retirement and savings accounts to pay off the house ...
it is so frustrating to see a grown man repeating the same financial mistakes over and over again despite good financial advice...
has an inheritance ever been made payable to a debt co. rather than the heir?
as his poa could i oversee whatever he inherits and make sure it is used to pay down his debts first ...
thanks again for your advice..
 

Farfalla

Member
has an inheritance ever been made payable to a debt co. rather than the heir?
Don’t know. Maybe someone else will respond. I would be reluctant to get others involved in your personal financial issues.
as his poa could i oversee whatever he inherits and make sure it is used to pay down his debts first ...
Depending on what the POA says.. if it give you full financial oversight, than yes.
 

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