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OT: When old advice is bad advice Posted by MI-Roger [Email]  (#882) [Profile/Gallery]
(more from MI-Roger) on Sun, 28 Jun 2009 15:41:50
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My wife learned the following story from her mother today .
My M-I-L's neighbor is 60, divorced, working, with two grown sons. Because of her age and the desire to make things easier for her sons if anything should happen to her, she followed the old advice of placing her son's names on her bank account.
One of her son's had a medical emergency that resulted in a massive bill with the local hospital. He arranged a payment plan with the hospital, but fell behind in paying. The hospital then garnished everything they could find with his name on it, including his mother's bank account!
The hospital drained it dry!
It is no longer the 1950's folks, don't put anyone else's name on your bank accounts.
I don't know the total financial damage she suffered, but from her apparent lack of alarm, and request that her son "work it off" by doing home improvement/maintenance projects for her, I suspect she only lost a few hundred dollars from a checking account. Much better than what could have happened if his name was on an account with her retirement savings!
posted by 24.23.71...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
, Sun, 28 Jun 2009 15:41:50 <-- Viewing This Message
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