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Are adult children responsible for tax arrearages of a deceased parent who had no estate?
Tax Responsibility for Deceased Parents It could depend on what kind of taxes. If it's US Federal or state income tax, only the person(s) signing the return are liable. If it is property taxes, the house will be sold at auction after it is seized by the tax collector. The IRS/State can take the filer's property, real or personal to be sold for back taxes.More input from FAQ Farmers:
- In most cases no, because they were not the childrens' taxes, now if there is anything "left" to the children, it may be taken by the IRS or other agency and auctioned off until the debt is paid. Usually they will give the executor of the estate a time frame (sometimes 90 days) to sell off any assests of the deceased and submit payment, after this time is up they come in and auction it for themselves. If there is "nothing left" in possession of the deceased it usually won't fall to the childrens' responsibility unless they possess some of the deceased money or possessions.
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Unlikely but the estate may have obligations. The question itself is very vague. Do you mean medical bills? Credit card bills? Utility bills? Exactly what type of debt? No on…e is responsible for a medical bill, credit card bill (unless they're in joint names), utility bills except for the person the bill is in their name. Paying a spouse's hospital bill after their death is unnecessary. It doesn't matter if it's AZ or any place in the U. S. The only bill you must pay is the mortgage itself otherwise you will lose the property if that's not paid. Also a car note if that's not paid the car will be repo-ed. Not paying the electric bill means no electric the same for the cable bill. Paying any bills out of the estate is up to the individual who inherits the estate but in my opinion the bill dies with the deceased. Think about it once a person is dead you tell the bill collector they're no longer alive you won't get another phone call or another bill since you can't collect from the dead.
Will surviving children of deceased parents that have no life insurance or estate be responsible for paying criminal fines or utility bills incurred by the decedents?
No, surviving family members are not responsible for the debts of deceased persons if they were not listed as a joint account holder or borrower.The exception being a survivin…g spouse when the couple resided in a community property state.
Your parents would have had a Will and the Estate (your parent's home, all monies they have, etc.) are Probated before anything in that Will is released to the Heirs. Probate …makes sure all personal/property taxes are paid, all creditors are paid off and what is left in the Estate is called the "residue" and then it's divided amongst the Heirs in the Will according to the deceased instructions. No, you are not responsible for the medical bills in this case. Probate will take care of this. If your parents left no Will, then the courts will pay off all creditors. Heirs are not responsible for paying off creditors, but, if you want to collect from the Will, then you are going to have to wait for Probate which could be 8 months to a year.
The estate has to stand good for the debts of parents when they pass. In no way shape or form are you liable for their debt unless you cosigned on something with them. If mom …and dad pass away and they dont own a house or a bank account or anything then the debts just do not get paid. Now if they do have money in a checking account and other assets then the assets will be sold to settle the debts. Do not let the debt collectors lie to you. Check out the Federal trade commissions website. Debt collectors will break laws all day to get someone to pay for a bill that is not even their responsiblity. Now if you were asking this as a moral question then I would still say no. Check out Dave Ramsey he can help you live like no one else! And also gets plenty of calls like this on his national radio show.
NO. NO. It is not legally required for children to pay off any bill from there deceased parents as long as the bills were in their parents name, 100%.
Usually not, unless they were listed on the original loan papers or they were part-owners of a family owned business or corporation. However, the estate the children mig…ht inherit would be subject to the debts of the parents.
Typically they shouldn't be. The debts of the deceased are the responsibility of the estate. Anyone that was also a co-signer on any of the agreements might also be responsibl…e. Consult a probate attorney in your jurisdiction for help.
It is not the parents but the estate that is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone …will not get paid and the heirs may get nothing.
Children "succeed" to the rights and obligations of their parents. That means simply that they take on whatever the parents owned and owed. They may renounce the succession. B…ut by doing so the renounce both what the parents owned as well as what they owned. Bottom line: You want mama and daddy's house and bank account? You gotta take mama and daddy's debts along with it.
The taxes of a deceased person would be the responsibility of that person's estate. If the children are the administrators/executors of the the estate, then they would be resp…onsible for filing the taxes on behalf of the deceased; but the payment would come out of estate funds, not from the children personally.
In no state are they responsible to do it with their own money. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed …the assets, there are some people who will not get paid, including the beneficiaries.
Children are not responsible for the debts of their parents. The estate must settle the debts. The exception would be if a child signed any paperwork gaurenteeing the medica…l costs.
In the state of Florida are children responsible for the medical bills or a deceased parent when there is not money or an estate?
In Florida the children are not personally responsible for the debt. The estate has to pay off the debts. If the estate cannot do so, they distribute as best they can. If the …court approves the distribution, the debts are ended.
The estate is responsible for paying all debts.
It is not the parents, but the estate that is responsible for any remaining debts. That will include medical bills. If there is not enough in the estate to cover them, someone… will not get paid.
ONLY if the Parent Co-Signed for the Debt. Otherwise NO.
No. The age of the children is not relevant unless they are adults who entered into a financial agreement with the parents. For example joint holders of a credit card account.… The estate of deceased person(s) is responsible for paying any debts in the manner prescribed by the probate laws of the state where the person lived at the time of their death.