Thanks for the answer. However I need some clarrification. Perhaps I should explain further. My wife an I are going to "walk away" from our home. Because I lost my job and because we are now upside down on the house, we will walk away.
My chldren (7) have decided that they will manage all our our finances for us as we are getting older. We are both employed and have income but our health is not the best and they are trying to set things up so they can help us when one or the other is not able to continue to work. Our goal is to match our expenses with our income and remove some of the heavy burdens (interest only mortgage and car payment) that is putting us further behind.
Their idea is to set up a savings account and checking account in one of their names and to funnel all our income IN CASH into this account. Then they will pay all the bills with our monies and provide us with some cash on a monthly basis.
Please give me your opinon on this. Is it legal? It is workable? What are the potential problems?
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