Question:

Selling my home now before I die?

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I have a home (which I owe about $48,000) and it could sell for approx. $62-$67 thousand. My son doesn't want to have to deal with the sale in case I die. Would it be best to sell it now and then would my son be responsible for any debts I may have when I die if he's not listed on any of my debts?

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  1. You son isn't responsible for any of your debts all he needs to do is send them a copy of your death cert.  if they send him something to the Estate of (Your Name) he just needs to write them a short note stating there is no estate.


  2. Is there someone else that is willing to handle your estate should you pass? Consider preparing a will and naming that person to handle your estate.  

  3. If you have lived in the house at least 2 years (really 2 of the last 5 years) then up to 250K this sale will be tax free.  If you don't sell it the house will still have no taxes (stepped up basis), so from a tax point for view its ok either way (ie not much taxes either way).  

    When you sell it the proceeds will be used to pay off all debts on the house (mortgage and any liens).  Also, your estate will pay off any other debts you have (if it has the money to do so), but your son will not be responsible for these debts.

    So, just sell it whenever you want to.  If you do sell it now you will, of course, still need a place to live, so don't s***w yourself out of good housing just to make your son happy, but if this is not an issue go ahead and sell it now if you want,

  4. If you are old enough you might look into a reverse mortgage.

    However, your son won't be responsible for any debts, your executor will deal with them from the assets of your estate if any.

    If you're dying now, just run up those credit cards to their maximum and then die. The debt disappears if your estate doesn't have any assets.

  5. I would talk to a lawyer.  Your son isn't responsible for your debts unless his name is also on them.  Your estate is.  He'll still have estate things to deal with.  I don't know what happens if he just ignores that, but you can arrange for most of it to be taken care of without probate.  A lawyer would be able to put you on the right track.

  6. Well, first of all, where will you live if you sell your house?  Is your son willing for you to live with him?  Your son will not be liable for any of your debts.  However when you die the creditors could come in and try to collect their money from your estate ( the money from the house ).  If you have already sold the house their is nothing they can do.

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