Legal Question in Credit and Debt Law in Wyoming

How do I protect myself and businesses if my mom goes under financially and I'm

My mom is 74 yrs. old & we share titles on properties (cars/home). She's beyond financially strapped and has now dipped into her life insurance to pay monthly credit card statements which is minimum APR 25%. How do I protect myself and businesses (3) from incurring all of her debts if she files bankruptcy or passes away? My businesses are fairly new and are not in profit stages yet. I don't have financial resources to ''loan'' her money to get her out of this HUGE problem. PLEASE help!! Thank you!


Asked on 6/24/02, 12:45 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: How do I protect myself and businesses if my mom goes under financially and

She needs financial counseling and estate planning help. Her house should be titled in the name of an irrevocable trust. Her credit debt should be stopped. She should go to a cash budget. Your name should be removed from all accounts, including the house. (The trust can name you as the beneficiary upon her death.) You can share a checking account or savings account in the event she becomes ill, so you can pay her bills.

Read more
Answered on 6/27/02, 12:44 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Wyoming