Wednesday, April 19, 2017

Debts Linger After Death

Kiplinger ran an article in their April issue on Dealing With Debts After Death explaining what adult children should do when their parents die with debts.  Oftentimes the adult kids get an unpleasant surprise when they learn that their parents left debts behind.  The article explains how in many instances the parents don't tell their kids about the debts, for various reasons. The article also references some statistics about increasing amounts of debt of elders. The article stresses how important it is for the adult kids to understand the implications of these debts and what, if any, debt for which they are responsible.  The article discusses credit card debt, student loan debt, and mortgages.  The article is useful not only for a quick discussion in classes, but to help students understand debt and liability.  Check it out!

http://lawprofessors.typepad.com/elder_law/2017/04/debts-linger-after-death.html

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