A couple in their 70s with a net worth of $2.3 million faces a dilemma: sell property or mutual funds to help their son, who owes over $200,000 to the IRS. Their son, in a new sales role, failed to pay taxes and is struggling financially. The couple has bailed him out before.

The son’s tax troubles began in California, where he worked in the music industry. Despite setting up a repayment plan, he continued to dodge taxes. Now, he owes $200,000 to the IRS, half of which is penalties and interest. His parents are considering using his future inheritance to cover the debt.

The son’s financial troubles have caused strain on the family, with his parents previously having to bail him out of a car loan and pay for a private school. Despite his decent income, he has failed to take responsibility for his finances. The parents are now faced with the decision of bailing him out again or letting him face the consequences.

Financial expert Dave Ramsey advises the couple to separate the issues of changing their will and bailing out their son. While considering the impact on their inheritance, they also worry about the IRS putting a lien on their home. Ramsey suggests making decisions based on the son’s ability to take responsibility for his actions.

Read more at Yahoo Finance: Their Son Wants A Bailout After Racking Up $200,000 In Taxes, Interest, And Penalties. Dave Ramsey Says, ‘I Probably Wouldn’t’ Step In Today