My son went on a trip cross country to start a new life. Ran up debts. Turned around and came home after he ran out of money, Now asking me to lend him money so he can pay the debt off. He already lives here rent free and eats my groceries, pays no living expenses. Debt is on credit cards and I can’t afford to pay them off for him and have to tell him no. Since he is an adult, nearly 40, he won’t let me take over and try to resolve his debts. I even pay the ins. on his car. He receives SSA. Is there a way that I can get control of the money he receives to help him get out of debt, or help him to realize he may have to take out bankruptcy?
Here is a page from social security about becoming a payee for your son
I have power of attorney over my father’s financial interests, so that he does not have to manage his own bank account. Bit of a different situation since he’s 80, lives in an assisted living, has sz and also suffered a stroke. Nonetheless, with his permission, we were able to have power of attorney signed over to me so that I can access his banking and make sure everything is going ok.
You may want to look into it in your state since each state has different laws and applications governing this. It may depend too on whether you are legally his next of kin. You may or may not need a physician to verify that your son is having difficulty managing his own financial affairs.