Attorney Ernest B. Fenton

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Attorney Ernest B. Fenton My passion is enriching lives. I provide inspirational education in the areas of law and business. Tune in Saturdays 12pm-1pm on WVON AM1690. WVON.com
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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! 📞💼

Address

17855 Dixie Highway
Homewood, IL
60430

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

(708) 991-7268

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