Attorney Ernest B. Fenton

05/06/2025

A young lady contacted me w this question:

“Am I responsible for my spouses debt if they pass away?”

Answer:

Generally, NO! Your spouses debt “passes away” with them UNLESS you open an estate because they had NO TRUST and/or NO BENEFICIARY DESIGNATIONS or “TRANSFER ON DEATH DEED” as an example.

For the most part, IF YOU STAY OUT OF PROBATE, and you are not on the debt w them, the credit card company or medical bill collector WILL left to right the debt off as uncollectable!

Short story to remember: I once had a client contact me almost at the point of breakdown. She HAD JUST ABOUT SPENT HER ENTIRE SAVINGS PAYING HER DECEASED HUSBANDS BILLS!

one caveat: if you want to keep the house and your deceased spouse or parent is the only name on the mortgage and note, YOU GOTTA PAY THE DEBT to keep the house: BUT YOU ARE NOT LIABLE FOR THE DEBT!

Fenton LIFE!

03/21/2025

Does it make sense to have both spouses name on a deed?

03/11/2025

What happens if a deceased spouse's name is still on the deed?

1. If it is marital property in most places, you should be ok. Marital property is exempt from most creditors.

2. In order to remove their name from the deed or title in Illinois you can utilize a deceased joint tenancy affidavit. It will be necessary to refinance or sell the home.

3. Clarification: a deceased person cannot be sued; however, their estate can.

Fenton Life!

02/05/2025

So, a young lady called and said her grandmother wanted to ADD her to her DEED, so she can take over the property.

I said that’s not a good idea for two reasons.

1. When your grandmother passes away and you sell the property 15 years from now, you’re going to pay TAXES based upon the price your grandmother aid for the property!

Grandma purchase in 1980. $100,000.00
You sell in 2044. $350,000.00

PROFIT $250,000.00. Taxes app $50,000.00!!

If your grandmother transfers you the property in a trust you will pay taxes based on the value of the property when your grandmother passed!

Grandma passes in 2035…property value: $300,000.
You sell in 2044 $350,000

Taxes on $50,0000. Taxes app $10,000.

2. When you transfer your name on the deed, YOU HAVE EXPOSED the property to your CREDITORS, lawsuits, medical bills, divorce and PROBATE!

Here’s how the convo ended:

“Ma’am, what I just shared w you is worth at least 2 thousand dollars! Just the conversation! So, what I will charge you for setting this up properly, PLUS you’ll be able to have all set up to pass to your kids if you don’t sell, my services will be essentially FREE!

What’s the moral of this story?

1. We make TOO MANY MISTAKES!

2. We DO NOT understand the difference between COST and VALUE!

3. You’re PAYING for EXPERIENCE, TRANSPARENCY, RELATIONSHIPS, INFORMATION….AND the paperwork!

4. STAY OFF DEEDS UNLESS IT IS NECESSARY…and it’s not necessary in MOST INSTANCES!

Fenton LIFE!

12/16/2024

🌟 Do You Know if You Need a Will or a Trust? 🌟

- Do You Need a Will or a Trust?
- Both have their benefits! A will outlines how you want your assets distributed, while a trust can help manage your assets during your lifetime and after. Consulting with an attorney can help determine what's best for you.

- What Does a Will Do That a Trust Does Not?
- A will allows you to appoint guardians for your minor children and specify your funeral arrangements, which a trust does not cover.

Have more questions? Drop them in the comments or reach out for a consultation! 📞💼

09/24/2021

Why it is important to have an "emergency envelope" with the names and contact information of your Attorney, Accountant and Employer.

How to "take over" real estate after the passing of a family member (assumption of mortgage, refinance, sale)

What happens if there is no will and real estate? How to collect rent after someone passes?

Should you pay credit card and other debt after someone passes?

11/11/2020

Book Discussion this Thursday on AM1690 WVON. F*CK the ODDS book discussion. -

08/10/2020

Attorney Ernest B. Fenton and Father Michael Pfleger re: Chicago looting

06/19/2020

Attorney Ernest B. Fenton with Sister Souljah: Dissecting the relationship between the black man and black woman

04/18/2020

https://www.podomatic.com/podcasts/attorneyernestfenton/episodes/2020-04-15T12_09_58-07_00

Why it is important to have an "emergency envelope" with the names and contact information of your Attorney, Accountant and Employer. How to "take over" real estate after the passing of a family member (assumption of mortgage, refinance, sale) What happens if there is no will and real estate? How to...