SEVENTY AND SPENDING

Everybody's Uncle,

We are currently paying most of our parents bills, they are in their 70's, and we own the house they live in, because they were going to lose it.
They have managed to acquire 4 or 5 credit cards, and charge 30,000+ on them.  Can we keep them from getting these credit card offers in the mail?

Unsigned

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Unsigned,

As long as they are in sound mind they can do as they wish. Any unauthorized interference could bring social or legal consequences. However, there is nothing forcing you to pay their credit card bills. If you stop payment the interest rates might be adjusted upward but new or increased offers would likely dry up. Caps and threatening letters might slow them down.

A moral question arises: If you had the house "signed over" at no cost or below market, morally your parents are entitled to spend or waste their equity in any manner they choose. In other words, they have the right to spend your inheritance as they see fit.

If they have no attachable assets, the credit card companies are at risk of recovering the loans. In the event of their demise, the credit card companies might have no one to turn to. Unless you are in some way attached to their debt the lenders often fail to recover the debt of the departed. An estate is liable for debt but assets transferred in a proper and timely manner - probably not.

We counsel our children and our seniors but ultimately they do as they wish. It can be disconcerting to watch self-destructive behavior, but unless the players are under 18 or declared incompetent - interfere at your own peril.

Competency, equity, inheritance, intrusion and intent are yours to weigh and play.

Everybody's Uncle