QUESTION
What is the best course of action to take in protecting my assets from creditors after spouse dies?
Asked on Feb 21st, 2014 on Estate Planning - California
More details to this question:
We moved from Florida to California 7 months ago. My spouse who was the main breadwinner, passed away. We have a mountain of credit card debt all in my spouse's name with me as an authorized user for several of them, but I never used them. I have a part time job and am the stay at home parent so am trying to protect as many assets as possible. I am the beneficiary of the 401k and 2 years worth of my spouse's salary. We kept the home in Florida and has been rented out for the last 6 months. The deed has both our names on it but the loan is in my spouse's name. It is my hope to return to our home in Florida where it will be much more feasible to raise our two children on my meager part time salary. How much of the credit card debt is my responsibility? What are my best options in protecting/maximizing my assets?
4 ANSWERS
Edwin K. Niles
This question involves issues of community property, probate, contract law and Heaven knows what else. It?s too complex for this forum; please talk to a probate lawyer.
Answered on Feb 26th, 2014 at 1:45 PM
2 Awards
This is not a question that can be answered in a forum like this. You need to sit down with an attorney. The reality is, technically you could be responsible for it all, but there may be some options for you such as negotiating down the debt or filing for bankruptcy. You really need to see an attorney.
Answered on Feb 25th, 2014 at 5:23 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Suggest you seek the advice of a bankruptcy attorney, then an an estate plan attorney for the answer to your questions.
Answered on Feb 25th, 2014 at 5:22 PM
As the Executor of your spouse's estate it is your duty to pay off his debits. You say you have a "mountain of debit." You may want to talk to a bankruptcy attorney.
Answered on Feb 25th, 2014 at 5:14 PM