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Missy,

Your tax accountant would be the best person for you to talk with about your next steps. He or she would be able to review the comparison between the taxes to be paid on the inheritance and the credit card interest to be saved in your particular tax situation.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

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My husband just inherited a lump sum of money. We are planning to use it to payoff debts. I called to see if I could settle debt on two cards with the same company. A request to reduce $12,000 to $8,700 was submitted and I am awaiting the answer. I am now having second thoughts since I will be liable for the taxes. We have no dependents and already pay a lot of taxes, not to mention the additional taxes that will have to be paid on the inherited money. What should I do? Thanks!

-- Contributed by: Missy

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Tim,

I suggest that you call the bar association in your state and ask for a referral to an attorney who could handle this type of case. Often you can obtain 30 minutes of no-cost advice for a referral attorney during which you could certainly get a feel for whether you should pursue any legal action against your attorney.

Thank you for your question and for visiting LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

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My attourney did not tell me that I would have a problem come tax time when he took me through a settlement with my credit cards. His omission of this will cost me approximately 5,000.00 from my refund this year. I am very upset at this and I am wondering if I could have a lawsuit against my attourney? Any info would be helpful, thanks.

-- Contributed by: Tim Bridgeford
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