DEAR HARRY: My wife's parents live in a home valued at about $10,000 in a declining neighborhood, with liens of almost 10 times that. They are in their 80s and in average health for their ages. They have no wills because they believe that their debt carries over to us if they die. My wife and I don't want all the hassles that come with their house. The liens aside, the taxes and insurance would be a big burden to us. My mother-in-law wants to leave the house so we are clear of any responsibility for maintenance, as well. We each have money set aside for our retirement, and we do not want that put in jeopardy. Please guide us.
WHAT HARRY SAYS: The house and its liens belong to their estate, not to you. Do not pay taxes, liens, insurance or any other house-associated debts. Do not let anyone talk you into any action regarding its liens or title. Too many people are hurt by assuming that the debts of deceased relatives carry over to potential heirs. However, if the total assets of the estate exceed the total of the debts, the picture changes and you can inherit the estate, pay all the debts and be ahead. This does not seem likely, from what you have said.
Email Harry Gross at harrygrossDN@gmail.com, or write to him at Daily News, 801 Market St., Philadelphia, PA 19107. Harry urges all his readers to give blood. Contact the American Red Cross at 1-800-Red Cross.