Hi!
I understand there things like estate/inheritance taxes but was wondering if parents could pass their debt to their children and if so, if there is any way children can do to protect themselves.
I tried searching on this topic but haven't had much luck. I am gravely concerned by the amount of debt my father is in, largely attributed by his bad spending habits, and certainly don't want to have to take over his debt or be part of it if he passes away.
Any advice will be grately appreciated.
Thanks!
I understand there things like estate/inheritance taxes but was wondering if parents could pass their debt to their children and if so, if there is any way children can do to protect themselves.
I tried searching on this topic but haven't had much luck. I am gravely concerned by the amount of debt my father is in, largely attributed by his bad spending habits, and certainly don't want to have to take over his debt or be part of it if he passes away.
Any advice will be grately appreciated.
Thanks!