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My mom passed away 2 years ago and left a life estate 2 her house. She had 2-3 small credit card debts that I have personally made mthy payments. I am on ssd now and cant pay anymore.what do i do?
Wiki User
∙ 14y ago
If you are the responsible party for the house you can take out an equity loan
Wiki User
∙ 14y ago
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You are the successor trustee of your deceased mother's estate in California Are you responsible for her credit card debt?
No, you are not PERSONALLY liable for your mother's debts. Debts of the deceased are paid from the estate, so as the Trustee for that estate, you would have to see that the debts are paid from the estate. Creditors must file a claim against the estate to be paid, and state laws dictate the time limit for filing such claims.
If you are living with someone but not married are you responsible for his credit card debt upon his death?
No you will not be personally responsible for the debt. One of the primary reasons to open an estate is to resolve such debts. 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.
What would happen if a person owened a car and die but they still making payments?
The executor must make the payments from any assets of the deceased Estate until the Estate is settled.
Can an executor be held personally liable for the estate tax?
can the executor be liable for estate tax
Name on the deed but not on mortgage any tax relief?
If you're asking who takes credit for the mortgage interest and real estate taxes on a federal income tax return, the answer is whoever made the payments.
In real estate what does in arrears mean?
Arrears refers to the state of being behind in payments. That could mean there are arrears in the mortgage payments, real estate taxes, municipal charges or rents.
Is personal representative responsible for mortgage of estate?
They are responsible for paying it from the estate's funds. They do not have to pay it personally.
Is an executor responsible for the debt?
Not personally. The estate is responsible.
If an estate has no money or is insolvent is the executor responsible for any monies like insurance owed on the house or mortgage payments or electrical bills and water bills?
No. The executor or executrix cannot be held personally responsible for the decedent's debts.
How much is required for a real estate down payment?
Real estate down payments are determined by your lender. What kind of loan product are you getting? That is going to be determined by your credit score and credit worthiness and type of property you are going to buy. A single family home that is going to be owner occupied- you can get an FHA loan most likely with 3% down. Katerina Gasset
What is the law in Florida regarding credit cards after death of the card holder?
In Florida, the executor or personal representative of the deceased's estate is responsible for notifying credit card companies of the cardholder's death. The estate is generally responsible for paying off any outstanding credit card debt using the deceased person's assets. Family members are not typically personally liable for the deceased person's credit card debt.
Does the Unified gift and estate tax credit reduce the size of the gross estate?
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
