07 Feb The country’s debts live on
The stimulus package now in Congress, whereby the country is going to borrow money to give out to some segment of our populace to combat recession, made me think about the differing consequences of living beyond one’s means.
If you are an individual, your debts die with you. If you are a sovereign nation, the debts get passed on to your children. My children will be dealing with the nation’s debts long after I am gone.
A favorite trick of debt collectors when the debtor has died is to tell the heirs that they are responsible for their parent’s debts. That, of course, is rubbish. The decedent’s assets must be devoted to paying his or her debts before the heirs take their inheritance. But if the assets are insufficient to pay the debts, the heirs don’t inherit the obligation.
But Uncle Sam’s debts are our legacy to our children.
Cathy Moran, Esq.
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