TOD liability for medical bills in Illinois

My friend has named me beneficiary of his stock via TOD. He is in end stage heart failure and receives medical care only from the VA. (He did not qualify for Social Security so does not have Medicare.) The nearest VA emergency room is an hour's drive from him. He is very ill and has entered the local emergency room twice recently and been admitted to the hospital for week-long stays. The VA has refused to reimburse the hospital. His bills are very high, and they are harassing him. He refuses to pay any of these bills, as the VA is responsible for them. Upon his passing, will these creditors be able to collect from me, making claim to the TOD inheritance?

Comments for TOD liability for medical bills in Illinois

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Jul 17, 2012
TOD liability for medical bills in Illinois
by: Debtcollectionanswers

The creditors are entitled to go after the stock in the TOD account once you inherit it in order to get paid for the cost of your friend's medical care. Therefore, you might want to see if you could help your friend resolve his insurance problem. Do you have durable power of attorney for his finances? If you do not and your friend is amendable to your help, then ask him him to give you power of attorney. You may also want to speak with an estate planning attorney about the situation, Ask Estate Lawyers Now.

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