Wait a sec … Earlier you said the IRS “forced” her to repay the money. Now you are saying that it was her choice, and they didn’t go after her at all. How does that equal “forced”?
Their assets were over 1.5M, now it’s “several million” and the business even after the business had already been sold?
300k has turned into “several million” worth of liens and potential sales of several million dollars of assets for “pennies on the dollar”??? Isn’t it usually more in the range of 25% less than market value up to the amount of the lien?
Sorry I am not the poster, I was just offering a plausible scenario where the GF could end up in debt due to her parents.
My own parents had a federal tax lien and it basically prevents you from doing anything with the property, can’t use it as collateral or sell it until the lien is paid off. Tax lawyers advised them NOT to just turn the property over to the IRS because they would sell it far below its actual value, and then they would still owe whatever was left.
Re-read the thread. As I said earlier, her parent’s estate was around 1.5 million when they entered the nursing home. That was after they had sold the business they had run. They also owned a house
As I said, I’ll collect all the information. Until then, I’d like to remind people, especially LurkerInNJ that this is a good friend of mine. She is honest, sane and has been through the wringer. Hold off your judgements until you actually get some information, or at least promise me that, when you are proven wrong, you will offer a sincere apology.
Your parents should get a second opinion— a different and maybe better representative could possibly get the lien temporarily removed so they can sell the property.
And Gaffa, all I’m saying here is that is not how Power of Attorneys work. Debt does not transfer with a Power of Attorney.
That’s not true. Depending on the circumstances, you can get the lien released or subordinated. That doesn’t mean paid off. I deal with this 2 or 3 times a year.
I remember that for some reason the IRS would not release it in their case(bad lawyer?), it was more than a decade ago in any case and I was a kid at the time.
Yeesh. I think it would be pointless to further discuss the specifics of gaffa’s story–here’s the bottom line IMHO: after someone gets scammed, it can take some time to get things figured out. Gaffa’s friend is still in the middle of the path between “got scammed” and “it got figured out.”
Seems like both sides could buy the above and stop worrying about the details.
