So, caring for my spouse; have my own health problems as well. He’s had cancer twice. Beat prostate cancer, now caught the early stage 1A lung cancer. We don’t have much resources, lived 15 years in south FL, where cost of living far outstripped our income. So, we are now senior citizens with health problems and limited income.
My youngest son just had major car wreck, only could afford liability insurance. He can’t work if he doesn’t have a car. Owes $4500 on the older, used vehicle. I could take savings and front him maybe $5 K, to get a used car, but he couldn’t pay me back, in payments, until he pays off the current note. Working poor. I get it. If I could afford to gift it to him, I would. But I cannot. We are struggling, looking at oxygen times two people, diabetes times two people, and a host of other medical problems. I need hip replacement.
So, in order to protect ourselves, if he has another year or so to pay off the totaled car, I might front him, interest free, enough money to get an older vehicle, so he can get to and from work. Working poor, he cannot get a loan. So coming to the Bank of Elderly Parents. I have no issue giving him money as a gift, if I had it to give. But I have to protect us financially. Who will take care of us? How to assist him, make it a formal financial agreement, that payments must begin in one year, after his current note is paid off. Ideas on how to set this up?
Thanks All! So sorry, this should be simple.