ssmith43054
Junior Member
What is the name of your state (only U.S. law)?
Ohio
My father died 2 weeks ago with CC debt. Approx $16k. May have medical debt of another $4k (20k total). I will be appointed administrator of the estate and have just started learning about probate
He had a house (no mortgage) worth $60k (needs $4k or work). Deed in his name only.
Had joint bank acct with me worth ~$9k after funeral exps (non probate asset in Ohio as i understand). technically mine now but i would share with sister
Owns two cars. One worth $2500 one worth ~$300 (sister needs a car bad and was driving his last 4 mos)
Had insurance policies worth about $16k. My sister and I are 50/50 beneficiaries (no other children). (non probate asset im told)
Trying to decide among several options. I would like to avoid selling the house as my sister was living with Dad since Mom died in 2007. She has been under employed/struggled to keep employment due to a major illness borderline disability. Likely has bad credit and needs money. (dad was providing substantial support to her in past 7 yrs which is where the debt probably came from)
I am not passionate about the house and would sell just as soon as keep. but it is in a 'marginal' neighborhood but with not much sales activity and a few boarded up houses/foreclosures in the development so selling will take a while.
Also would love to negotiate a lower amount due with creditors but not sure this is viable as they will likely see house w/o mortg and will want their pound of flesh.
Options
1) Sell the house , take proceeds and pay creditors. split leftovers 50/50 with sis.
2) Keep house, liquidate insurance policies, and joint bank account of $9k and pay creditors.
3) Try to put a second mortgage on house to pay creditors.
4) find a way to buy house in my name (i could take it on) and rent house. split rental income with sister> i live about 4 miles from the house.
I am married and feel like option #1 would be best for my wife and family. but Option #2 will be likely sister's position as she has need due to her health situation and cash flow housing needs.
I have excellent credit (mid 700's) and i know I would have to pay any new mortgage.
Any thoughts on how to proceed, considering tax ramifications, and subjective factors?
What is the name of your state (only U.S. law)? Ohio
Ohio
My father died 2 weeks ago with CC debt. Approx $16k. May have medical debt of another $4k (20k total). I will be appointed administrator of the estate and have just started learning about probate
He had a house (no mortgage) worth $60k (needs $4k or work). Deed in his name only.
Had joint bank acct with me worth ~$9k after funeral exps (non probate asset in Ohio as i understand). technically mine now but i would share with sister
Owns two cars. One worth $2500 one worth ~$300 (sister needs a car bad and was driving his last 4 mos)
Had insurance policies worth about $16k. My sister and I are 50/50 beneficiaries (no other children). (non probate asset im told)
Trying to decide among several options. I would like to avoid selling the house as my sister was living with Dad since Mom died in 2007. She has been under employed/struggled to keep employment due to a major illness borderline disability. Likely has bad credit and needs money. (dad was providing substantial support to her in past 7 yrs which is where the debt probably came from)
I am not passionate about the house and would sell just as soon as keep. but it is in a 'marginal' neighborhood but with not much sales activity and a few boarded up houses/foreclosures in the development so selling will take a while.
Also would love to negotiate a lower amount due with creditors but not sure this is viable as they will likely see house w/o mortg and will want their pound of flesh.
Options
1) Sell the house , take proceeds and pay creditors. split leftovers 50/50 with sis.
2) Keep house, liquidate insurance policies, and joint bank account of $9k and pay creditors.
3) Try to put a second mortgage on house to pay creditors.
4) find a way to buy house in my name (i could take it on) and rent house. split rental income with sister> i live about 4 miles from the house.
I am married and feel like option #1 would be best for my wife and family. but Option #2 will be likely sister's position as she has need due to her health situation and cash flow housing needs.
I have excellent credit (mid 700's) and i know I would have to pay any new mortgage.
Any thoughts on how to proceed, considering tax ramifications, and subjective factors?
What is the name of your state (only U.S. law)? Ohio