The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/diy-estate-planning-strikes-again-30772896.aspx

Subject:  DIY estate planning strikes again Date:  7/12/2013  3:08 PM
Author:  chk999 Number:  118856 of 121261

A guy I know had a brother pass away un-expectedly, owing considerable debts and having no assets. In the ordinary course of events this would have only involved telling the lenders that the deceased had no assets and providing proof of death and some paperwork. Regrettable, but not catastrophic to the rest of the family.

But their father had signed his fully paid off house (which the father lives in) over to his to sons in an attempt to make things easier when the father passed. So now it looks like they will have to take out a loan against the house and use that to satisfy the debts so the house doesn't get sold and the father evicted.

Estate planning, like brain surgery, should be left to the professionals.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us