Son doesn’t owe dad’s credit card debt — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Son doesn’t owe dad’s credit card debt

by on
in Small Business Tax

Q: My elderly father has a significant amount of credit card debt. I am his only living heir. Will I be responsible for those debts when he dies? J.W., Paramus, N.J.

A: No. When a person dies, his debts are paid out of his estate by the estate's executor. But that means those post-death credit card payments will reduce any money coming to you as the sole beneficiary. One caveat: If you're a co-signer on any of your father's credit cards, you can be held personally liable for the debt. In such a case, you should make sure those debts are paid off while your father is alive.

Related Articles...

    No matches

Leave a Comment