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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 111525
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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I am divorced single mother. My son 16 yrs old has recently

Customer Question

I am divorced single mother. My son 16 yrs old has recently moved in with his father by his own will. My son has business's and bank accounts under my name. I would like to know what I need to do to take the steps to shut the business down and close all bank accounts, and about further money bring deposited into these business accounts.
Moreover, my son and his father (without my knowledge) came to see my mother 83 yrs old on medication and convinced her to take a loan of $150,000 from the bank under the pretense of investing $ into his business. Later, I found out through text messages that this $ was used to purchase a Ferrari for my then 15 yr old son. The car and insurance is in the father's name. How can I return the car and close the loan under my mothers name without penalties? I'm in need of dire help asap.
Thank you.
Sherry
Submitted: 1 year ago.
Category: Family Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

You would have to sue your son and his father in court to close the business down and close the accounts and also would have to sue them for fraud on behalf of your mother for obtaining the loan from her knowing she was not mentally competent. This is also a potential criminal offense of financial abuse of the elderly, so adult protection could investigate if you want to push it that far. If you do not want to do that, you need a local attorney and will have to sue your son and your husband for damages and for a court order to make them take a loan in your husband's name to remove your mother from liability.