QUESTION
Does the SOL still go to probate if I have credit card debt?
Asked on Mar 21st, 2012 on Estate Planning - Florida
More details to this question:
I have credit card debt that is about 3 years old and I believe the SOL for law suit is 5 years in Florida. (Do they go by my state or the credit card issuers state?) If I was to receive 1/3 of 2 houses in an Inheritance before the SOL is up and even if my siblings and I all agree on the Will then it still goes to Probate correct? If it goes to probate then my question is will my creditors someone find out about the property/money I am about to collect and be able to intercept this? Also on a side note, all property and cash received thru inheritance, I will not owe anything to the IRS for correct?
1 ANSWER
Probate & Trust Attorney serving Fort Lauderdale, FL
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Robert J. Slotkin
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If the credit card company files suit and gets a judgment then the judgment (after it is recorded) becomes a lien on all real estate owned by you in that county. As long as a Florida decedent died this year with less than 5 million dollars (minus gifts made during life), then there is no IRS tax.
Answered on Mar 22nd, 2012 at 7:55 PM