If a parent goes on a spending spree before he/she dies, what could be the repercussion?
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If a parent goes on a spending spree before he/she dies, what could be the repercussion?
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Well I have a parent who is really sick and was given less than a month to live. She's talking about going on a spending spree before she dies, with money she doesn't have. Credit/debit/checks. She's talking about buying all her kids everything they want as gifts. Since she's dead and divorced, who will be left with the bill? All of us are grown up and moved away.
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Chr1sT0ph3R
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It's reasons like this why the economy is in a bad state right now. People "borrowing" money they have no intention/are not able to pay back. Who will have to pay her debts? Everyone. Tax payers. While it may seem like a nice gesture to her and you kids, Imagine what the world would be like if everyone did that on their death beds. |
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PJ
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The estate pays the bill. When my grandma died and owed money the credit card companies and Sears went after the estate, and then after my mom. |
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blairnative
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the credit card companies can claim against the estate. so if she owns a home, etc, they will get paid before the kids get the money.
there is a decent chance that this wont happen though.takes too long the credit card company will rack it up as a loss, and use situations like this to justify how they jack rates.
so probably, we (the consumers) will pay.
debts dont get passed on to the family, they do get passed to the estate. if you can close the estate out before the credit card companies find out, its no boggie to you.
tell your mom that the deathbed is no time to lose sight of the moral thing to do.
sorry she is dying, truly. |
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Zach
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You guys won't have to worry about footing the bill, but you will have to deal with the companies going after her estate. If she owns a house or anything like that they can go after the house. If they can't get enough money out of the estate, they have to chalk it up as a loss. You cannot be footed with the bill. The companies will try, but don't cave in, there is nothing they can do to you because it wasn't your credit.
ETA: The people that are saying the family had to pay for the debt afterwards fell for the credit companies deception. They will try anything including harassment and threats to tell you you owe them the money, but they have no legal standing to make you pay. Your mom spent the money, not you. They can only go after her estate! |
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Captain Willard
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Ask my kids in about 25 years. I'm going out just the way I came in. Butt naked & broke.
For reals...you can lawyer up and have her declared incompetent or something. |
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claudiacake
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Who will be stuck with the bill? No one. And everyone. As her children, you can not be held responsible for any of her expenditures, so no worries there.
But you and I will pay for it in the long run, with higher interest and higher prices, for a very long time.
I do understand what is going through her mind, though. |
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Teekno
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The estate will get the bill. Outstanding credit card bills and other obligations will be satisfied by life insurance proceeds and a potential auction of her property.
If there's anything left, it will to go the heirs. If not, then the creditors are out of luck. |
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Roseby
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You and your siblings pay the bill, doesn't matter where you live, the companies will find you. |
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Adam
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they take it out of her will, but i think the children may have to pay if they cant pay up |
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wierd and wounderful world of me
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you will be left with the debt to deal with as it will not be forgotten about when a person dies i am very sorry to say especially if the gifts are given to you, explain to not do this and that you are more concerned about him or her, im very sorry to hear the bad news but debts get passed on thats the harsh way it is |
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T.J.
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That is just wrong. You need to council your parent on right and wrong. I would not want to receive any gifts like that. That's just wrong. |
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Veritas odium parit
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They can either blow it off, or the credit card companies can sue all of the people who got gifts to return them. |
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Robby
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Well the kids are going to grow up being in debt. Someone is going to have to pay the bill, and most likely it will be her children or other family members. |
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Rawr :)
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If you are of age (18) or any of your brothers and sister are, they will be responsible for the debt. Sadly, this happened to my dad. His mother left be hide 30,000 dollars of debt, and each child (4) had to pay a forth of the debt. He ended up paying 7,500$, this happened two years ago he was 44. |
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RIKKI R
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no one! |
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No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
