Are Caregivers Responsible for Their Parent’s Debt?
by June A. Schroeder, RN, CFP
I was recently asked “Am I responsible for my parent’s debt? What if as a caregiver, I recently discovered that my father has several thousand of dollars of debt. Are parent debts transferable?”
The answer is ‘No!”
This question often comes up in cases like this, but even if you have power of attorney you are not liable for his debt nor can they be transferred to you (unless you cosigned for them or are listed as a joint debtor).
However, depending on the situation, you might feel obligated to figure out a way to help him pay them. Both of you might have a moral code that dictates that these bills get paid somehow.
For information about care and assistance for a loved one in Seattle WA, visit www.andelcare.com or call 425-283-0408.