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?

Sure, pay off their debt while they're alive :)

That doesn't apply in the UK.

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

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 It's hard to believe that Canada would have such outdated laws.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.

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

Republicans :winkwink:

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.

How cool is this :ak47:

As if people know when they are going to die.

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.