Family disputes over elderly parents are more common when multiple children are interested and involved in caregiving. Siblings may be wondering how to protect the money of elderly parents from a financially dependent brother or sister. Relationship tensions may escalate if an adult child living with parents becomes overbearing or controlling. One sibling may be taking on the load and not receiving help. How do you juggle these responsibilities and tensions?
A study also revealed a few things that more Americans should pay attention to. For example, only 18% of those 55 and older have prepared the three critical documents that everyone should have: 1) a will, 2) a healthcare directive, and 3) a durable power of attorney.
There is also the potential for financial abuse. Try to make financial decisions and establish a budget in advance. Ask your parents how much money they’ve saved and if they’ve taken out a long-term care insurance policy. End-of-life conflicts can be avoided by writing a living will that specifies end-of-life wishes. Ask that they pre-designate a power of attorney, or durable power of attorney, to carry out these requests.