Dad just died and filed Bankruptcy in 98

[zoloft1]

Hi. WV here.
My dad just died week ago, he did file bankruptcy in 98. He had his own business, taxes,,,state and federal. are owed. they put a lien on the house. My mom wants to pay the lien off with the life insurance.. then continue to pay on the house until it is payed off. Should she pay the taxes in one lump sum or make arrangements with the IRS?. She also wants to Put the house in my name, but she doesnt know wehn to do that. we are going to talk to our Lawyer and accountant, but she needs a little time to grieve before we do all this. Its all to much for her now. My dad always took care of the financial stuff, and Now she is learning. thanks.

 

[lawrat]

Well, of course the IRS knows if she pays in payments, they collect interest as opposed to if she paid lump sum. Her bankruptcy status (because IT DOES AFFECT HER) will be a good determiner of where this life insurance money will go. The smartest thing you can do now is to let both the lawyer and the accountant know in writing you need time to grieve.


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I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

 

[zoloft1]

thank You very much for the quick reply. I will do as you say.......again thanks