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[quote=Anonymous][quote=Anonymous]We had a similar issue with my MIL. She was desperate because creditors would not stop calling her and we agreed to help her if we took over all management of her finances. We found her a reasonable place where she could afford to live on her social security payment, took away her credit cards, and gave her a monthly allowance for spending. Whenever she complained that we weren't giving her a large enough allowance each month, we told her that she could take over her own finances again but we would not provide any assistance. She knew she couldn't do that so she never took that option. We also worked with her creditors and negotiated settlements with them to pay off some of what she owed, but not most of it.

It was a lot of work for us, but it kept the amount of money we needed to contribute to her upkeep reasonable. We could plan and budget for it. I was not willing to see my MIL put out on the street but I also was not willing to bankrupt my children's college fund and my future retirement to reward her for her lack of planning and excessive spending.[/quote]
You are fortunate that she agreed to do this, there are many who are not but still want the hand outs.[/quote]

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