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Old 08-02-2012, 08:33 AM
 
Location: southwest TN
8,441 posts, read 16,082,638 times
Reputation: 15870

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OP, you really need to get in touch with a financial advisor in NYC. Some of the posters telloing you to sell immediately or renting it out do not understand property values or rental situations here. I am not familiar with Queens, although my husband lived there for years before we met. I wouldn't give you advice on what to do either way.

What I will tell you is this: being a LL in NYC is a far different situation that almost any other place on earth. The NYC Landlord-Tenant regs/laws are extremely pro-tenant, far more than most people can imagine. To evict a tenant for non-payment can easily take 9 months - all the while the tenant is not paying rent. So think very hard and talk with a property management company before deciding to rent out the apartments.

If your son does not have the advice of a lawyer, please have him contact one asap.
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Old 08-02-2012, 09:43 AM
 
Location: State of Superior
8,729 posts, read 14,578,696 times
Reputation: 2851
Quote:
Originally Posted by SunnyTXsmile View Post
Gerania, perhaps I'm misreading your statement, but yes, the deceased have bills and they are typically allowed to be collected against the estate prior to distributions. That has been my experience four times over, any way.

To the OP, I am truly terribly sorry for your family's loss. I can't imagine how challenging this must be for you.

You are smart to consider your options with the home. I posted a similar thread on here just last week, and got similar responses: sell. Though it breaks my heart to do it since the home I inherited is my happiest place on earth, it is the smartest and safest decision.

Good luck with whatever your family decides.
That so much depends on the state of affairs of the Estate. taxes can eat away everything when the auction ends, i have seen it before. Yes seek professional help tax wise, but as a rule it is true....dead people do not pay anything if they do not want to. ( Of coarse that's because of a plan ed set up while they were alive.) Other things can also come into play, credit life insurance, tax exempt holdings , ( You could always start a church and declare exempt status lol ) Rich people get richer because they keep making more money, not because they won the lottery...
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Old 08-02-2012, 09:15 PM
 
48,508 posts, read 88,440,292 times
Reputation: 18187
Quote:
Originally Posted by Gerania View Post
They don't have to pay his CC bills. Don't mean to sound crude, but dead people don't have CC bills. Write that one off.
No if the exector knows of the bills then he is obligateD under law to pay the bills including credit card, The obligations of the executor is in the law on probating the estate. Any attorney will ask for any bills and the executor is obligated to inform him and thus the court. thsi is normalo proabte of estates and can be challenged later if not sttled correctly plus filing the paperwork falsely can result in fraud action.
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