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For many Americans, their home represents their biggest asset. But if the homeowner dies in debt, creditors may put a lien on the house to get paid. In this video, Attorney Eric Olsen of the HELPS Nonprofit Law Firm will explain a way people can pass on their homes to their heirs without worrying about unpaid debts.
Time Stamps
0:00 Introduction to Attorney Eric Olsen and his Debt knowledge
1:10 What seniors in debt who own homes need to know
1:44 Why wills and trusts won’t protect your home from creditors
3:21 In many states, you can make your heirs joint owners of your home
5:31 If lawsuit takes place after property is in heir’s name, property automatically transfers and judgement disappears
6:51 The downsides of Olsen’s plan to protect your home for your family despite debts
11:19 Olsen’s plan to protect your home for your family despite debts works even if there’s a mortgage on the property
12:14 Heirs’ financial issues could affect the attempt to protect the home, but odds are against it
14:09 This plan could also work for cars and other property
15:30 How HELPS Nonprofit Law Firm could help you with your financial issues
17:17 How to contact HELPS Nonprofit Law Firm
When a homeowner dies, their home becomes part of their estate. The home could be passed to their heirs, but only after their debts are paid off. Sometimes, the home must be sold to satisfy those debts. In this video, the former bankruptcy attorney Eric Olsen explains a way around this issue.
In a lot of the US, a child or heir could be made a joint owner of a home so when the main owner passes away, the home does not become part of their estate. In this case, the home is still owned by the child. The debts owed by the deceased would not be incurred by the child, nor be taken out of the home's value.
Finally, you'll learn how to contact the HELPS Nonprofit Law Firm if you want their help. Attorney Eric Olsen founded the HELPS Nonprofit Law Firm and is its Executive Director. HELPS stands for Help Eliminate Legal Problems for Seniors. The firm represents seniors, disabled, and veterans struggling with debt. They educate these vulnerable segments of the population, keep them from being harassed by debt collectors, and much, much more. The firm, which doesn't turn clients away for lack of funds, helps people like you to use their protected incomes for basic needs instead of paying off debts.
In this video, the former bankruptcy attorney explains whether you are responsible for credit card debt, medical debt, or other kinds of debt incurred by a spouse or parent. He also details how to contact his firm if you need help.
Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.
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