As someone who’s dealing with the estate process right now, I don’t think anyone inherits debt. It’s paid out of the estate and nobody else is responsible for those debts.
Not really, but there’s not much being left for the children of boomers to inherit.
edit: And in the broader sense, yes. Millennial and younger are inheriting the debt from Bush II’s wars. We didn’t have any vote on that matter, but we’re the ones who are paying that off. 2.8 trillion. After the shitshow of a covid response, I never want to hear someone mention the 3000 dead.
I hear the opposite, boomer’s kids stand to inherit quite a bit. Anecdotally this seems true; granted I am an only child.
My father is likely to leave me with a few hundred thousand of his retirement account (he doesn’t know what to spend it on, his union pension is more than enough for his needs) and I’ll inherit both his house as well as my grandmothers house, which is now my uncle’s house. My mom’s house will be sold and split between my half brother and my cousin who my mother raised.
I don’t believe so. I was explicitly told by my lawyer not to pay any estate debts with my own money.
I believe there are a few niche scenarios where somebody else can be responsible for the debt (eg joint account, co-signed loan), but in general, you should never pay somebody else’s estate debts.
They can come knocking all they want, but you are not legally required as an heir to pay that debt. Surely there are a few exceptions like mortgage payments (if u wanna keep the house), but personal debts like credit cards? Not your problem.
Surprise surprise, you only inherit a bunch of debt because that generation lived by “you can’t take it with you”.
As someone who’s dealing with the estate process right now, I don’t think anyone inherits debt. It’s paid out of the estate and nobody else is responsible for those debts.
Not really, but there’s not much being left for the children of boomers to inherit.
edit: And in the broader sense, yes. Millennial and younger are inheriting the debt from Bush II’s wars. We didn’t have any vote on that matter, but we’re the ones who are paying that off. 2.8 trillion. After the shitshow of a covid response, I never want to hear someone mention the 3000 dead.
I hear the opposite, boomer’s kids stand to inherit quite a bit. Anecdotally this seems true; granted I am an only child.
My father is likely to leave me with a few hundred thousand of his retirement account (he doesn’t know what to spend it on, his union pension is more than enough for his needs) and I’ll inherit both his house as well as my grandmothers house, which is now my uncle’s house. My mom’s house will be sold and split between my half brother and my cousin who my mother raised.
Bush’s war debts.
It’s actually expensive, and the property is taxed as usual. If you don’t monetise the area you’re going to lose. It depends.
What’s expensive, and what area are you referring to?
I was under the impression that was not the case. If the estate has no money to pay out, the collectors are gonna come knocking, no?
I don’t believe so. I was explicitly told by my lawyer not to pay any estate debts with my own money.
I believe there are a few niche scenarios where somebody else can be responsible for the debt (eg joint account, co-signed loan), but in general, you should never pay somebody else’s estate debts.
They can come knocking all they want, but you are not legally required as an heir to pay that debt. Surely there are a few exceptions like mortgage payments (if u wanna keep the house), but personal debts like credit cards? Not your problem.