My elderly parents are in debt over $30K with no means to pay, no property or personal belongings, life insurance, etc. that can compensate. My parents are looking to use me as POA for all their needs. While I am more than happpy to do so, I am concerned about the large debt they have accumulated and cannot pay off. Will either myself or any other family members be responsible for their debts when they are deceased? If so, would this change if I became POA for my mother alone? Would filing for bankruptcy help? Also, I am looking to move to Texas. We all live in the state of NY, Suffolk county. Would my living out of state affect the POA?
Thank you for your very valuable time and advice!