Is there anyway to not take on ur parents debt when they die? - GoFuckYourself.com

chowda · 11-15-2003, 09:25 AM

i hear that you inherit debt if ur parents pass away, is there anyway around this?

mule · 11-15-2003, 09:27 AM

Sure, pay off their debt while they're alive

Ross · 11-15-2003, 09:27 AM

That doesn't apply in the UK.

Libertine · 11-15-2003, 09:28 AM

You can choose to forfeit your inheritance. However, that means forfeiting *everything*, including family heirlooms and such.

Gemini · 11-15-2003, 09:32 AM

Find a law line or something and ask them... those laws haven't been aorund in years in the states that I know of. It's hard to believe that Canada would have such outdated laws.

My Mom passed a few years ago and we used what little she left to pay for some utilities and such but didn't have to even do that. You just report the death to each biller and its usually done with.

Some billers ask for a death certificate so when you get the original... ask for multiple copies right then, its pretty expensive to get copies after the fact.

Tala · 11-15-2003, 09:35 AM

Only in America can you be taxed after you die. Fuck.

If you want to keep your kids from having to pay taxes on their inheritance, give it to them as a one-time non-taxable gift.

If you want your kids to not have to pay your debts after you die, then pay off your debts before you die.

Furious_Female · 11-15-2003, 09:45 AM

Quote:

Originally posted by Tala
Only in America can you be taxed after you die. Fuck.

If you want to keep your kids from having to pay taxes on their inheritance, give it to them as a one-time non-taxable gift.

If you want your kids to not have to pay your debts after you die, then pay off your debts before you die.

Actually

Quote:

STANDING UP FOR TAXPAYERS

H.R. 8, DEATH TAX REPEAL PERMANENCY ACT OF 2003. Makes the repeal of the death tax permanent. (Passed)

Republicans

As far as paying deceased one's debts... in the US you just notify places of the death and the accounts are written off usually. Some might want a copy of the death certificate. If they have a lien/judgment on their house or other properties, I believe they will need to be paid upon sale of the property/items in question.

KraZ · 11-16-2003, 01:09 AM

How cool is this

Mr Pheer · 11-16-2003, 01:14 AM

Quote:

Originally posted by Tala
If you want your kids to not have to pay your debts after you die, then pay off your debts before you die.

As if people know when they are going to die.

Carrie · 11-16-2003, 01:19 AM

Talk to your parents and have them get the extra rider on each loan/mortgage that says if they die, the debt will be paid off and nothing will be due. It makes the monthly payments a little higher (like an extra insurance add-on) but it lets my Dad sleep at night knowing that if he were to go tomorrow, my Mom would have the house free and clear without having to worry about mortgage payments.

Same goes for all of his vehicles, the Harley, etc... he's always made sure that there wouldn't be any debt to deal with along with his passing.

11-15-2003, 09:25 AM	#1
chowda Confirmed User Join Date: Jun 2003 Location: Gooch city Posts: 9,527	Is there anyway to not take on ur parents debt when they die? i hear that you inherit debt if ur parents pass away, is there anyway around this? __________________ Someone finds you... 2007 PS: Nationalnet is the best host I've ever had. And i tried alot of them.

11-15-2003, 09:27 AM	#2
mule Confirmed User Industry Role: Join Date: Jan 2002 Location: hamsterdam Posts: 6,085	Sure, pay off their debt while they're alive __________________ Converting like a mofo

11-15-2003, 09:28 AM	#4
Libertine sex dwarf Join Date: May 2002 Posts: 17,860	You can choose to forfeit your inheritance. However, that means forfeiting everything, including family heirlooms and such. __________________ /(bb\|[^b]{2})/

11-15-2003, 09:32 AM	#5
Gemini Confirmed User Join Date: Jan 2001 Location: o-HI-o Posts: 7,183	Find a law line or something and ask them... those laws haven't been aorund in years in the states that I know of. It's hard to believe that Canada would have such outdated laws. My Mom passed a few years ago and we used what little she left to pay for some utilities and such but didn't have to even do that. You just report the death to each biller and its usually done with. Some billers ask for a death certificate so when you get the original... ask for multiple copies right then, its pretty expensive to get copies after the fact. __________________ <center><a target="_blank" href="http://dev.datedollars.com/index.php?s=signup&aid=535&cfg=aac"><img border="0" src="http://216.130.172.224/gfy/gsig.gif" width="490" height="100"></a><br><a href="http://dev.datedollars.com/index.php?s=signup&aid=535&cfg=aac" target="_blank"><b><font face="Arial"><font color="#FF99FF"> Buy me away from Slavedriver Smokey!<br>It's May Sig Sweeps!<font></b></center>

11-15-2003, 09:35 AM	#6
Tala Fucked if I know Join Date: Dec 2002 Location: Do you have a flag? Posts: 23,368	Only in America can you be taxed after you die. Fuck. If you want to keep your kids from having to pay taxes on their inheritance, give it to them as a one-time non-taxable gift. If you want your kids to not have to pay your debts after you die, then pay off your debts before you die. __________________ ICQ: 11120676 \| Google: mindcrime \| Skype: suitemindcrime\|E-Mail: mindcrime AT gmail.com\|PR girl with great writing skills for hire!!!! Contact me to work for YOU!\|TECHIEMEDIA? 24/7 support from some of the best techs in the biz. Tell Jim that I sent you.

11-15-2003, 09:27 AM	#3
Ross Ik ben een aap Industry Role: Join Date: Sep 2002 Location: Traffic Force Towers, Canada! Posts: 18,874	That doesn't apply in the UK.

11-16-2003, 01:09 AM	#8
KraZ Confirmed User Join Date: Oct 2003 Location: ICQ:: 18822023 Posts: 2,636	How cool is this __________________ Selling MedicalPorn,com and a dozen other gyno & doctor domains here: http://www.gofuckyourself.com/showthread.php?t=871984

11-16-2003, 01:19 AM	#10
Carrie Confirmed User Join Date: Apr 2002 Location: Virgin - nee Posts: 3,162	Talk to your parents and have them get the extra rider on each loan/mortgage that says if they die, the debt will be paid off and nothing will be due. It makes the monthly payments a little higher (like an extra insurance add-on) but it lets my Dad sleep at night knowing that if he were to go tomorrow, my Mom would have the house free and clear without having to worry about mortgage payments. Same goes for all of his vehicles, the Harley, etc... he's always made sure that there wouldn't be any debt to deal with along with his passing.