Are you unsure what happens to your debt after death? Our attorney explains what you and your family should know in this video. Call our Buffalo estate planning attorneys for a consultation.
People often ask me what will happen with their debt when they die. Sometimes a debt will be paid off and sometimes it will not be paid off. There are certain instances where the debt exceeds the value of the assets, or they may have a home that’s only worth $50,000 and there’s debt of $100,000. In that case, an estate may never be opened. If there’s a surviving spouse, the surviving spouse is entitled to at least $50,000 from the estate, free of debt. If there’s Medicaid liens for nursing home care, certain disabled children can receive the house without having to pay the debt off.
The experienced Buffalo Lawyers of Friedman & Ranzenhofer, PC provide dedicated and knowledgeable legal representation to New York residents. If we can be of any service, contact us at one of our seven locations.