My mother has inherited some money from my grandmothers death. My mother wants to buy a house with it. My stepdad has run up alot of debt, alot of those are joint accts. in his name and my mothers. When my mom buys a house with her inheritance Im thinking she should put the house in her name and mine to keep my stepdad from getting it or from keeping the banks from getting it if something happens to my dad. Im hoping if the house is half in my name the banks wont be able to take it. If my stepdad dies before my mom I know she is responsible for his debt. If she files for bankruptcy after his death will the bankrupcy effect my credit if my name is on the house? Im trying to find a way to protect my mother from the debt my stepdad has run up. My mother knows nothing about money, is very dependant on my dad. She cant even write a check. She has never worked a day in her life and doesnt drive. My stepdad opened joint accts without her realizing how badly he was destroying their credit. Now she knows how badly they are in debt and she doesnt want him to get his hands on her inheritance. I want her to be able to buy a house (she has never owned her own house, they always rented) with her inheritance but I dont want her to lose the house because of his debt. Does anyone know a way I can do this? Thanks.
Are they "joint accounts" or is your step dad the master card holder with your Mom as an additional card holder? Are the cards active and current even though they are in debt? Check out "The Dolans- Smart Money". They host a show on 7.10 AM dial. They have a great website with a wealth of information. Take a look at it and frankly, you should speak to a professional.