How can I keep my mom from losing her house?
February 20, 2006 8:33 AM Subscribe
My mom is bad with money. She has asked me and my brother to help her with her financial situation, and my brother wants to have power over her financial accounts at her bank. She does not gamble or have drug problems, she just lives beyond her means and we can't stop her unless we have control of her assets which she has agreed to. She currently holds two known mortgages on the home and we want to be able to keep her from putting on any more against it.
posted by Dean Keaton to work & money (24 answers total)
I know this sounds unusual and we love her very much but if something doesn't happen she will lose her home which would be a fantastic loss (We have another brother who is mentally retarded and we feel it would be especially hard for him to cope with). My mom is a widow and relied on my dad to do all of the financial planning, and since his death my mom has been working full time while recieving aid from the government. She owes two months backpay to most bills. I will be meeting with a financial planner within the month, but how can (and should) we agree to move her assets over to another name to prevent future overspending? How does one begin such a process, and how much money should we expect to spend? When I want to look for a financial planner where should I go or look?
Once again, we have tried many times to have her help herself. It doesn't work. She lives beyond her means and this is something we have all agreed to do.