Comments about ‘Campaign highlights finances of the elderly’

Before older parents and children start putting their names all over every thing, legislators need to fix the financial and legal system first.

The most important issue is with how it all works. If any name appears on any other persons accounts, they also become owners of that account and subject to the other individuals financial situations. If either must file bankruptcy or get sued, the accounts and assets of both becomes a part of the assets and liabilities and can be confiscated.

Financial institutions and banks do not recognize any separations of ownership of account holders and all names on an account are equally subject to each others finances as an owner.

Collection agency's can and do go after the assets of all names on an account. All it takes is a signature card to make you co-owner and liable. Children's attempts to help parents can become a financial disaster for both if they are not careful.

Good advice to children who want to help elderly parents is discourage them from any reverse mortgage, they are costly, full of deceit, and sever restrictions to easily evict the elderly.