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Step father in law debt question
Posted on 1/28/25 at 8:53 am
Posted on 1/28/25 at 8:53 am
Here’s the situation:
My wife’s step father has dementia. He runs a law firm and has cattle and a farm.
This is all kind of new and happening fast.
His dementia has progressed to the point that he really needs to stop practicing law before he screws up a clients case and he and his wife (my mother in law) are too old to take care of the farm. His kids all live hours away.
He is in debt. I don’t know how much, I try not to get involved.
My question is, what happens to this debt? He can’t really generate any income. His wife has been a housewife for over 20 years now. It’s all she can do to try and take care of him (which is very difficult with the denial and the mood swings).
Will the debt just disappear or will his wife and/or children have to pay it?
His wife (my MiL) could come stay with me (I even encouraged it, she’s a hell of a cook). I just don’t know what to do with a law firm and a cattle farm if the owner gets dementia. I’m trying to help my wife help her mom.
My wife’s step father has dementia. He runs a law firm and has cattle and a farm.
This is all kind of new and happening fast.
His dementia has progressed to the point that he really needs to stop practicing law before he screws up a clients case and he and his wife (my mother in law) are too old to take care of the farm. His kids all live hours away.
He is in debt. I don’t know how much, I try not to get involved.
My question is, what happens to this debt? He can’t really generate any income. His wife has been a housewife for over 20 years now. It’s all she can do to try and take care of him (which is very difficult with the denial and the mood swings).
Will the debt just disappear or will his wife and/or children have to pay it?
His wife (my MiL) could come stay with me (I even encouraged it, she’s a hell of a cook). I just don’t know what to do with a law firm and a cattle farm if the owner gets dementia. I’m trying to help my wife help her mom.
9
Posted on 1/28/25 at 9:09 am to white perch
quote:you help your MIL. let his kids deal with him
His kids
Posted on 1/28/25 at 9:12 am to white perch
It's a terrible disease. Wish I had some sound advice for ya. My MIL has it and her denial that she has it is next level crazy.
Posted on 1/28/25 at 9:31 am to white perch
quote:
He can’t really generate any income.
He has cattle and a law firm he can sell
Posted on 1/28/25 at 9:32 am to white perch
Best thing to do would be for him to move ownership of all his assets to his wife or a family member. If he is unwilling to comply, his wife could be granted power of attorney with proof of his illness.
It may be a difficult conversation, but you need to ensure your FIL makes all his financial business known to someone before he is unable to remember. (accounts/loans/assets)
It may be a difficult conversation, but you need to ensure your FIL makes all his financial business known to someone before he is unable to remember. (accounts/loans/assets)
Posted on 1/28/25 at 9:36 am to white perch
I’d probably go talk to an attorney that specializes in elder care. Would be worth the hour or two of billable hours to find out granular details about the laws in that particular state.
Posted on 1/28/25 at 9:45 am to white perch
quote:
He runs a law firm and has cattle and a farm.
Does he have partners?
Posted on 1/28/25 at 10:44 am to white perch
quote:
He is in debt. I don’t know how much, I try not to get involved.
My question is, what happens to this debt?
Really depends on what the debt is for, and how was it generated. If the debt is tied to the law firm, he is a sole practitioner, and the company is setup with some liability protection (LLC, LLP, Corp...); then there is a chance that debt stays/dies with him. But, if he used personal assets to guarantee the loan, has he pierced the corporate veil...
If it's tied to the farm and cattle, they will push for you (your MIL) to sell the cattle & farm to pay the debt, and any remaining debt could pass on to the estate (MIL, kids)
If you are this interested in helping, as someone else suggested you will need to have a sit down with an attorney that specializes in elder care. But before you do, it will help that meeting if you have a general idea of the debt and the ins & outs of the law practice
Posted on 1/28/25 at 11:35 am to white perch
how much land is owned and how many head of cattle? what area of the state?
Posted on 1/28/25 at 11:48 am to white perch
Hard to give advice without knowing what state you are in. In general, the debt is going to be community debt with his wife, so she is already on the hook for paying it. If he has a law firm and a cattle farm, I would expect that his net estate is positive (i.e., he has enough assets to cover the debt). You would handle this in administration if he were to pass. Right now, you need to consider getting a POA from him (if he has the mental faculties needed to sign - if he doesn't, you will have to spend some $ and go to court). That will give whoever gets that authority the ability to manage his affairs. It is likely the wife can do all this currently, however, except for maybe his law firm if he has partners. This is a lot to unpack. Your wife and her siblings need to go with the mom to see an attorney who handles these matters.
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