In laws and Retirement
- Thread starter rdkarob
- Start date
I do not see why their finances are your business. You are under no obligation to take on their debt or even have a fancy funeral for them. If they get destitute, you can offer them shelter and food, but their credit card bills will still be in THEIR name, not yours, and you won't be liable for that.
If you end up taking them in and they continue to rack up debt, you can have them declared incompetent, close out their financial accounts and take complete control. But you will still not be liable for their previous debt.
If you end up taking them in and they continue to rack up debt, you can have them declared incompetent, close out their financial accounts and take complete control. But you will still not be liable for their previous debt.
kwillia
n/a
Might I suggest you and hubby start discussing now what your plans are for when his father passes? If he is okay with cremation without a formal ceremony or burial, then it may only run you a couple thousand. In the case of my father, we had a gathering at the funeral home, had him cremated and then took his ashes rather than have a formal burial and it cost us just under 5k.rdkarob said:
Trust me... you want to begin discussing this now. Don't wait until he is in full blown grief over the loss of his father.
vraiblonde said:
OK...LET ME EXPLAIN THIS....If she was not in all of this debt there is a possibility she could live on her own, but when he passes, there goes my daughters playroom there goes my privacy...etc, That is why it is my business...why spend all this money you do not have, run up credit cards so that someone else will have to help you, that is selfish to me. Now do you understand?
kwillia said:
Agreed, we are discussing things tonight and my son is to not except this laptop that is ....ready 2200 dollars....he is to send it to us and we are going to send it back to Dell. I guess we can do that. We shall see but hubby agrees with me 100% and I think is more upset then I am. We have worked hard for 20 years to have a comfy retirement and now our retirement will be with his mother in our house....Honestly tell me who wants that???
This cannot be stressed enough.kwillia said:
Also, can you take out an insurance policy on them? Yes, you'd be paying the premiums, but when they croak the funeral would be paid for. And, PS, since the policy is yours, you STILL wouldn't be liable for any of their debt.
I wouldn't mind, my parents and my husbands parents did a whole lot of sacrificing in their lives to provide for us, I'd have no problem returning the favor. :shrug:
I understood before.rdkarob said:
You are under no obligation to take your MIL into your home. In this country there is no such thing as being thrown out on the street. She applies for state aid and they throw her in a home. End of story.
