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Ep. 18: The Inheritance Dilemma: Can Credit Card Debt Be Passed Down to Heirs
Manage episode 363444409 series 3428945
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Have you ever wondered what happens to your debts when you pass away? How can you protect your estate and your loved ones from being burdened by these debts?
In this eye-opening episode of the Repair the Roof Podcast, our host Attorney Ted Gudorf dives into the inheritance dilemma and discusses the different types of debt that can impact heirs when someone passes away. He breaks down the difference between secured and unsecured debt, and explains how Ohio law handles estate debts. You'll also learn how to protect your estate from creditor claims and discover the responsibilities of the executor, administrator, and heirs when it comes to paying off debts.
Ted explores the unique provisions of Ohio law regarding estate debt, such as the six-month rule for creditors to make a claim and how assets held in a trust can pass free of probate and unsecured debt. Discover the importance of understanding the order of priority for bills that need to be paid out of an estate, and how to handle paying unsecured debts, such as credit card debt. Ted also discusses the importance of estate planning and how to arrange your affairs to be free of potential claims from creditors. Don't miss this informative episode that will help you better understand inheritance debt and provide valuable information for your estate planning.
Key Topics:
- Debt In An Estate (00:42)
- Debtor-Creditor Law in Ohio (06:13)
- Avoiding Payment of Unsecured Debt (09:43)
- The Order of Claims (13:38)
- Wrap-up (22:00)
Resources:
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