What is the name of your state (only U.S. law)? New York
My mom is nearing death and my sister and I are considering her estate. In her will, my mom has given her condo to my sister and has made me her beneficiary to her life insurance policies. My question is if her estate is in debt for example $10,000 for medical bills, how does this bill get paid. Will this amount be deducted from value of the condo and the life insurance? I understand that the life insurance would be liquid asset so 1/2 of this amount would be easy to retrieve but how do you get 1/2 of this bill from the condo without selling it.? Does my sister need to take a mortagage out? I am not sure how fast the condo would sell.
My lawyer said that medicaid/hospitals would come after the estate. I want to know how these bills would be paid for the division of assets.
My mom is nearing death and my sister and I are considering her estate. In her will, my mom has given her condo to my sister and has made me her beneficiary to her life insurance policies. My question is if her estate is in debt for example $10,000 for medical bills, how does this bill get paid. Will this amount be deducted from value of the condo and the life insurance? I understand that the life insurance would be liquid asset so 1/2 of this amount would be easy to retrieve but how do you get 1/2 of this bill from the condo without selling it.? Does my sister need to take a mortagage out? I am not sure how fast the condo would sell.
My lawyer said that medicaid/hospitals would come after the estate. I want to know how these bills would be paid for the division of assets.