Since my husband's passing last year, I am now solo guardian to my adult son with special needs. Our son, a wonderful young man who is 31 and possesses some higher functioning skills, lives in his own apartment near my home so that I can offer the support he needs to be able to do this. For many years he has been an authorized user on my credit card, and there is proven benefit for both of us with this arrangement.
Recently, I've been wondering if it is possible for him to manage a credit card of his own for the purpose of accumulating a credit rating under his own name.
So (1) s it possible and (2) what benefits might this serve for the future for him/me/us?
I hoped I have expressed concern clearly, and I thank you greatly for any reply you might send.
This is a question that would be better answered by a financial planner. In addition, this website is intended to provide answers to broad questions that are not very fact-specific. The questions you are asking here will largely depend on the financial status of you and your son, whether your son receives any public benefits, what your letters of guardianship permit you to do without the approval of the court, and what your goals and your son's goals are financially. For the reasons stated above, I'd recommend you meet with a financial planner and if need be an attorney in your area that deals with guardianships on a regular basis.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. You are strongly advised to contact an attorney to obtain legal advice before taking or refraining from taking any action with respect to the above.
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