Archive - July 14, 2020

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Financial Power of Attorney: Are You Responsible for Covering Debt?

Financial Power of Attorney: Are You Responsible for Covering Debt?

A Live Chat with The Washington Post’s Color of Money columnist Michelle Singletary posed an interesting question about handling a parent’s debt. The person who wrote in to the chat has financial power of attorney and has had to move that parent into an assisted living facility. The parent had $3,000 in credit card debt that the credit card company is pressuring the adult  child to pay off using monthly payments: “While his account had been closed for fraud, I didn’t see anything too suspicious. I called the cc company to discuss options. They offered me a 5 year payment …

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