It is happening more and more. Elderly parents are moving in with their grown children. This makes financial sense for many people, given the rising costs of nursing homes. But there are many pitfalls. What should you and your parents do to prepare for such a dramatic move?
Issues that must be dealt with range from the financial to the emotional, says an article on elderlawanswers.com.
First, the financial details must be worked out. If the adult children who are taking in their parents have siblings, then they should work an arrangement out so that the siblings who are not taking in the parents contribute something towards the costs of rooming and boarding the parents.
And costs can mount up. In addition to food, you may need to do renovations to the house or hire a home care aide.
Having your parents sign a contract under which they pay their children for taking them in may be something to consider. Perhaps the parents can contribute to the remodeling or gift their own house to their children. There may be tax consequences to these actions as well.
Family members should discuss everything out in the open at the outset, to keep resentment and guilt down to a minimum. An elder law attorney can help arrange these things.
Once you have made the decision, consider making the home senior-friendly. You may need to put on an addition, install grab bars in the bathrooms, install ramps or convert a room on the first floor into a bedroom if necessary.
You may also be able to take a tax deduction by claiming your parents as dependents.
And it would be a good idea to seek out support from organizations such as local agencies that work on aging issues.
If you are dealing with issues involving the care of your elderly parents, we may be able to help. Call us at (626) 696-3145 for a consultation. We are experts in all areas of elder law.
