Q: Question: daughter owes me $3,000.00, clear debt for zero inheritance
I'd like to clear my daughters debt to me and not go to small claims court, and in return she will receive no inheritance when myself and wife pass. Can this be done legally ..
A:
Yes, and you could simply cut your daughter out of your Will without ‘hooking’ it to the debt, but to try to do anything like this without an attorney explaining the pros and cons for YOUR situation and drafting documents to accomplish the goal is playing with fire. For example, if you ‘write off’ the loan that will be a gift and that might impact both your and her taxes although for $3k probably not — but still, it needs to be examined.
Get a local licensed attorney to consult with you and go over the details. That attorney can help you craft a solution that works for your family.
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