Is it even possible to inherit over one million dollars in debt from your grandfather’s back taxes or anyone?
Posted on 24 March 2010 by Debt Helper
You do not inherit debt or back taxes
If granddad has a $1M house with a $1M mortgage or IRS debt, you don’t get the house unless the debt can be paid from the estate’s other assets.
Do not confuse and inheritance with cosigning. If you cosign and he dies, then you owe.Debt is not inherited. If your grandfather dies and debts are outstanding, the assets of his estate must be used to pay off the debts (to the extent possible) before any remaining assets can be passed to heirs.
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