Options for Power of Attorney to avoid a parent's bankruptcy

Asked over 1 year ago - Littleton, CO

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My Father is spending himself into dire financial straights, burning quickly thru retirement assets, racking up credit card debt. I have Power of Attorney, and am wondering what kind of intervening I can do to stop him from committing financial suicide. He has IRAs which are managed by a financial planner. The planner has begged my father to stop this wholesale liquidation of retirement assets.

What can I do to stop this??

Attorney answers (2)

  1. Licensed in CO

    Pro

    Denver Bankruptcy Attorney
    Contributor Level 20

    1

    Lawyer agrees

    Answered November 05, 2011 10:57. If your father is mentally sound, there is nothing you can do to force him to be responsible with his money. If your father is mentally ill, you could apply to the court for the appointment of a conservator to take over management of his assets.

    You can reach Harkess & Salter LLC at (303) 531-5380 or info@Harkess-Salter.com. Stephen Harkess is an attorney... more

  2. Saint Louis Chapter 7 Bankruptcy Attorney
    Contributor Level 17

    Answered November 05, 2011 12:31. If the financial planner will answer you, ask if he or she believes that you should file for conservatorship.

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