QUESTION
As her daughter, how do I take over her finances to ensure stability in her elder years?
Asked on Jun 29th, 2014 on Estate Planning - Michigan
More details to this question:
My mother is a gambler who has gambled pretty much everything. It is not only affecting us financially but also mentally as well. I along with others who are close to her are concerned.
4 ANSWERS
Business Planning Attorney serving Livonia, MI
at
Frederick & Frederick Attorneys at Law
Update Your Profile
As long as your mother has legal capacity, there is very little you can do, other than to communicate with her and try to persuade her to seek help. You can suggest that she meet with an attorney to get her estate planning in order. She should have a general durable power of attorney, for example, for health and financial matters. That way, if she ever loses capacity, you can step in and take care of things to protect her. If that were to happen and you did not have POA, then you would need to go to the probate court to seek appointment as her guardian and conservator. Unfortunately, that does not solve the ongoing issue of her gambling. The law normally does not protect people from themselves and the unhealthy choices. In Michigan, at least, you are not responsible for HER debts, and any creditors that she has can only come after HER assets.
Answered on Jul 01st, 2014 at 5:44 PM
Business Law Attorney serving Bingham Farms, MI
at
James T. Weiner, P.C.
Update Your Profile
If she is incompetent to manage her own affairs you can petition a court to become her guardian.. then she cannot spend her money without your approval
Answered on Jul 01st, 2014 at 12:40 PM
Criminal Defense Attorney serving Southfield, MI
Partner at
Law Offices of Ezra N. Goldman P.C.
3 Awards
Making poor choices is not enough of a reason for you to control your mother's finances. If a doctor will testify that she is not competent to handle her affairs, you can petition the Court to have a Guardian appointed.
Answered on Jul 01st, 2014 at 8:01 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Seek to be appointed a conservator if she is out of control. If she actually is not, stop enabling her.
Answered on Jul 01st, 2014 at 8:00 AM