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Alex Esquire
Alex Esquire, Attorney
Category: Estate Law
Satisfied Customers: 16630
Experience:  Handled many probate matters
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I am the live in unpaid caretaker for my 85 year old mother

Customer Question

I am the live in unpaid caretaker for my 85 year old mother and we live in New York. If there are credit card debts of my mother upon her death ($15K), and I am the beneficiary of her life insurance and her IRA; how are these debts cleared? Is it upon sale of the house? The reason is the pensions and the social security would stop upon death, and there isn't enough cash to clear those in a "small estate" situation. Thank you!
Submitted: 11 months ago.
Category: Estate Law
Expert:  Alex Esquire replied 11 months ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Generally, proceeds of the life insurance and IRA would be distributed to beneficiary outside of the probate estate proceedings and would not be subject to creditor's claims or outstanding debts of the deceased credit card debtor.

Any credit card debt would be paid from the estate assets, such as any real estate or other assets which have to be probated through the probate court.

I wish you the best of luck!

Expert:  Alex Esquire replied 11 months ago.
Expert:  Alex Esquire replied 11 months ago.

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