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Even though most proposals call for payments of less than the full amount of the debt owing, in most cases, the creditors accept the deal—because if they do not, the next alternative may be personal bankruptcy, in which the creditors get even less money
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Bankruptcy - Wikipedia

https://en.wikipedia.org/wiki/Bankruptcy
The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment

Bankruptcy Skip to main content

https://www.uscourts.gov/services-forms/bankruptcy
Court Programs Bankruptcy Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets

Estate planning - Wikipedia

https://en.wikipedia.org/wiki/Estate_planning
Estate planning or inheritance planning is the process of anticipating and arranging for the management of a person's estate or net worth during the person's life in preparation for future incapacity or death

Probate - Wikipedia

https://en.wikipedia.org/wiki/Probate
The probated will then becomes a legal instrument that may be enforced by the executor in the law courts if necessary

Trust (law) - Wikipedia

https://en.wikipedia.org/wiki/Trust_law
This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated, or deceased

Power of attorney - Wikipedia

https://en.wikipedia.org/wiki/Power_of_attorney
If someone is already incapacitated, it is not possible for that person to execute a valid power, although in some jurisdictions, it may be possible for someone to have the capacity to execute a power of attorney even if they do not have the capacity to make the decisions that they are delegating

Estate tax | Internal Revenue Service Skip to main content

https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax
After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed

Sites: en.wikipedia.org (5) · www.uscourts.gov (1) · www.irs.gov (1)