Legal Question in Wills and Trusts in California
Asset protection
I need a consultation to explain my situation and learn what my exposure is. My parents are 87 and 85, live in Arizona, are heavily in debt but signed up with a debt consolidation service. I am the sole next of kin. Their income derives from my father's federal retirement; he gets minimal social security, my mother gets $600 or so. They live in an expensive retirement group home. When my father dies his retirement income will cease, not pass to my mother.
I need to know what my exposure is, whether being the probable executor of their estate means with regard to what I am required to do and whether their debtors can come after my wife's and my meager savings.
1 Answer from Attorneys
Re: Asset protection
No, they debts are personal with them and do not pass to the heirs. Their estate is the only one responsible for their debts. So, for example, if they had a home that was paid for or had equity, the creditors could go after the equity in the home but they can not go after the heirs assets.
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