OP said "very low rates."
It was a Visa or MasterCard. I don't remember which issuing bank.
Phil Marti
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13 years ago
Delaying a probate estate
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13 years ago
Excellent point. Now that's what "devil's advocate" is all about. I had not thought of the possibility of "frozen interest".
As I mentioned earlier, and Mark B wisely picked up on, we're only talking about small debts and, mostly, introductory rate credit cards. How long do those intro rates even last, 9 - 18 months (at best)? If we assume that those intro rate periods are half over, he may actually make (save) more money by opening probate, freezing the interest accrual, and paying the debts in 6 months when he's ready to close probate.
Estate taxes were mentioned.... she died and 2010 (no estate tax) and she obviously left a spouse behind (unlimited marital deduction).
thanks all.
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13 years ago
Be sure to check with a local probate lawyer. That is not the rule everywhere.
Depending on the size of her estate, the unlimited marital deduction may be a disadvantage to kids (or whatever heirs there are) after the husband dies.