How are we going to be able to pay for access to my mother's assets?

1 answer | Last updated: Sep 22, 2016
A fellow caregiver asked...

Over 5 months ago My 64year old,independent 63year old Mom-in-Law suffered from an aneurysm & stroke. After 65 days in hospital & step down facility-She came home to live w/us. Durring the first 2 weeks of my mother"s hospital stay,my husband was told to get conservatorship/guardianship as opposed to Power of attorney.I almost feel as though my husband is being treated like a criminal by our local court.My husband has access to only one bank account- any other assetts it requires court permission-yet we are expected to pay a $255,000.00 bond. My husband & I are sole 24 hour care givers for Mom,we are also raising 2 children.My husband is our sole provider.We don't have 10% of that money let alone $250,000.00. What are we supposed to do? She has a condo she can't pay for & we were told if it goes into forsclosure it's our credit.My husband petitioned for ability too access an account to pay some bills,the mortgage included.If he is unable to access the money for payment-are we going to have to pay out of pocket to protect our credit on top of paying $25,000?


Expert Answers

Barbara Steinberg is the CEO and founder of BLS Eldercare Financial Solutions, which specializes in helping families pay for long-term care for their loved ones. A registered financial gerontologist, she speaks regularly on the topic of paying for long-term care and is a financial expert for Caring.com.

Unless you or your husband signed the deed or mortgage for your mother-in-law's condo, you are not responsible for her debts and your credit cannot be damaged. If the condo has significant equity, you should try to sell it. Otherwise it will go into foreclosure. Another option would be to rent it if you can get enough to cover the expenses. Regarding the bond, you need to let the court know that you do not have the resources to purchase the bond. You will need to prove this to the judge. Hopefully, your husband's request for access to his mother's accounts will be approved by the judge.