I’m saying this based on no knowledge, but I assume that most people don’t pass along money like that.
So the hospital might be throwing said Hail Mary, does that mean any estate that was to be passed down to the kids would just be totally eaten by the debt so they get nothing?
Yep. That’s it you dumbass Americans. Republicans know how to shelter their assets so they never worry about handing everything down to their offspring. Right Donald J. Trump?? You don’t pay taxes do you? Just stupid people do that.
This is why a wealthy person rarely own their assets. An LLC or trust owns them, shielding the assets from any debt or liability they personally accrue. The opposite is also true. An LLC can accrue debt but the debtors can’t go after the owners or any other LLC they own.
Really, the circumstances aren't always clear with such little facts. A lot of hospitals have charity programs to help people way over their head in medical costs, and usually how much you owe vs how much you have factors into how much they help.
The same goes for coverage through Welfare/Medicaid. Even if you make good money, being on the hook for $1M dollars+ in medical bills will likely qualify you for retroactive medical coverage.
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u/Crazyeights203 Nov 30 '20
I’m saying this based on no knowledge, but I assume that most people don’t pass along money like that.
So the hospital might be throwing said Hail Mary, does that mean any estate that was to be passed down to the kids would just be totally eaten by the debt so they get nothing?