• Skip to primary navigation
  • Skip to main content

Krueger Hernandez & Thompson SCEstate

Attorneys at Law

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Attorney and Staff Profiles
    • Communities We Serve
      • Adams County
      • Columbia County
      • Dane County
      • Madison/Middleton Area
      • Sauk County
  • Estate Planning
    • Asset Protection & Business Planning
    • ESTATE AND GIFT TAX FIGURES
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Practice Areas
    • Business Needs
    • Divorce / Family Matters
    • Injuries and Adverse Reactions To Vaccines
    • Real Estate
  • Resources
    • Estate Planning Resources
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning FAQ’s
      • LGBTQ Estate Planning Frequently Asked Questions
      • Trust Administration & Probate Frequently Asked Questions
    • LGBTQ Resources
    • Pre Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • When a Loved One Passes Away With a Trust
      • When a Loved One Passes Away With a Will
  • Testimonials
    • Review us
    • Our Testimonials
  • Webinars
    • Legacy Wealth Planning
    • Medicaid Planning
  • BLOG
  • Contact Us
  • Call Us Today (800) 431-9776
  • Attend Free Webinar
    • Medicaid Planning
    • Estate Planning
  • Show Search
Hide Search
Home / Estate Planning / Wisconsin Estate Planning: Who Will be Responsible for the Debts of My Parents When They are Gone?

Wisconsin Estate Planning: Who Will be Responsible for the Debts of My Parents When They are Gone?

Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC · Jul 27, 2012 ·

Over the years, I have received many questions from clients and others regarding estates.  A very common question is, “Who will be responsible for the debts of my parents when they are gone?”  This question is most concerning when you become aware that your parent(s) do not have sufficient assets of their own to pay their debts.

Children are not personally responsible for their parents’ debts.  Your parent’s estate will be held responsible for his or her debts and, if there are any assets left over after all debts and expenses have been paid, the heirs of his or her estate will receive the remaining amount according to the terms of his or her will, or according to the laws of intestate distribution of the state in which he or she resided at the time of his or her death.  If there are insufficient liquid assets within the estate to pay all debts and expenses, then real estate (along with any other non-liquid assets) will need to be liquidated in order to pay such debts and expenses.

Also, note that the beneficiary of a life insurance policy is typically not responsible for paying the debts of the decedent or the expenses of his or her estate from the proceeds of the life insurance policy because the proceeds are not part of the probate estate.

  • Author
  • Recent Posts
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Latest posts by Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC (see all)
  • The Questions of Estate Planning, Part 6: Why - January 6, 2020
  • The Questions of Estate Planning, Part 5: How - January 2, 2020
  • The Questions of Estate Planning, Part 4: Where - December 30, 2019

Estate Planning, Probate assets, Attorney Dera L. Johnsen-Tracy, Baraboo, beneficiary, Children, clients, Dane, Dane County, death, debts, decedent, Dera Johnsen-Tracy, Dera L. Johnsen-Tracy, die, distribution, estate, Estate Planning, estates, expenses, heir, heirs, insufficeint liquid assets, intestate, laws of intestate, life insurance policy, liquidated, Madison, Middleton, non-liquid assets, parent's estate, parents, parents' debts, probate estate, real estate, responsible, sauk, Sauk County, state, sufficeint assets, Will, Wisconsin

MIDDLETON

8215 Greenway Blvd, Ste. 590
Middleton, WI 53562
United States (US)
Phone: (608) 824-9540
Fax: (608) 824-9140

BARABOO

120 Third Street, Unit A
Baraboo, WI 53913
United States (US)
Phone: (608) 356-3961
Fax: 608-824-9140

By Appointment Only
All Mail Should be Directed to the Middleton Address

Opening hours

Monday7:00 AM - 5:30 PM
Tuesday7:00 AM - 5:30 PM
Wednesday7:00 AM - 5:30 PM
Thursday7:00 AM - 5:30 PM

Map

map for Krueger Hernandez & Thompson SC Estate ofice

Se Habla Español
Nous Parlons Français

  • Facebook
  • LinkedIn
  • Twitter

© 2021 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us