Just found out parents in Florida have no money twice as much going out to bills as coming in. Live off SS income only! No saved money both 80 They are in credit card and loan debt at approx $80,000. What do I do? they dont owen car or home
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Our oldest just turned 18 in March and our youngest will turn 18 next November. I believe it would be good planning for my wife and I to give them durable and medical POA, particularly since both of us are disabled. I think that my wife and I need to first do the same for each other.
2. Talk with your parents about them giving you Durable and Medical POA. If nothing else, at least get Durable POA for both.
3. Take them to a doctor for an evaluation of their mental competency.
4. Do not seek to pay off their debt yourself. Although you may well have to foot the bill for the POAs, that will be well worth it.
Sounds like this has been going on for awhile and may be too complex for simple answers here.
I would recommend starting with a good credit counselor that may be able to get some of the debt reduced. Also, and elder attorney may have some suggestions about debt consolidation or even bankruptcy.
Do they own their own home? If so, are they able to downsize to pay off the debt?
If they meet the income guidelines, Medicaid can provide some nursing home assitance, etc. (Do not know too much about this area.)
Lastly, do not take on their debt or co-sign for loans etc...you should not risk your savings or livelyhood.