Legal Question in Elder Law in Michigan

Loan not repaid from wealthy stepson

I am 67 years old and my stepson borrowed $40,000 from my credit cards (they are in my name only). He signed a notorized agreement to pay me back in full within 2 months, and now it has been 8 months. He makes the minimum payment to the card, but I am concerned about my credit and getting the money back. I am worried that I have been taken advantage of, given that he owns several businesses, a million dollar home, and was featured in a magazine as being a successful businessman. My husband (his father) and I are both in bad health and I am concerned that his son has taken advantage of our situation, knowing he may never need to pay us back. Are there any Michigan laws to protect us?


Asked on 12/30/08, 9:28 am

1 Answer from Attorneys
Jerrold Bartholomew Priority Elder Law and Estate Planning, PLC

Re: Loan not repaid from wealthy stepson

Yes, there are laws to protect you. If nothing else, you could sue on the debt. But there are laws regarding abuse of the elderly that would provide you with additional leverage. Here is the problem: you stepson probably isn't very wealthy. He likely doesn't own a million dollar home, but instead he is paying for a million dollar home. There is a big difference between the two.

Would you want your stepson to face criminal penalties if he cannot repay the debt?

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Answered on 12/30/08, 9:39 am


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