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Dimitry K., Esq.
Dimitry K., Esq., Attorney
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Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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If you had a debt signed off in bankruptcy from your parents,

Resolved Question:

If you had a debt signed off in bankruptcy from your parents, can they deduct the amount owed from them in the estate when they die?
Submitted: 1 year ago.
Category: Legal
Expert:  Dimitry K., Esq. replied 1 year ago.
Thank you for your question. Please permit me to assist you with your concerns.

My apologies, but I am not clear--are you asking if your parents can elect to leave you less money in their estate based on the debt that you did not pay them in the past? I just want to be clear I understand completely before I provide you with my response. Thank you!
Customer: replied 1 year ago.
My father says that the debt we owed my parents can be recovered when they die. However when we claimed bankruptcy we had to include the debt owed my parents in the bankruptcy. It was my understanding that once the debt was unclaimed in bankruptcy that they cannot recover it. My father was told by his accountant they he can deduct they debt from the estate, but legally can he do this since it was not claimed or contested in the bankruptcy court?
Expert:  Dimitry K., Esq. replied 1 year ago.

Thank you for your follow-up

 

Your father can indeed claim it as a loss and treat it as an early gift or inheritance on his taxes, that is correct. Even if the debt was unclaimed, the father can claim it as a gift (if he chooses to do so). That does not affect the bankruptcy petition, but would allow your father to treat it as an early distribution and then modify future inheritance splits to more accurately recognize that this amount of money was essentially already paid out in the past. Legally that is not a violation based on the amount so written off.

 

Hope that clarifies.

Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 38534
Experience: Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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Dimitry K., Esq.
Dimitry K., Esq.
Lawyer
38534 Satisfied Customers
Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.