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Siblings financially supporting aging parents in California

On Behalf of | Nov 3, 2022 | Estate Planning |

When people grow old, they become weaker and more susceptible to injuries and infections, as well as depression and other psychological conditions like Alzheimer’s and dementia. As a result, their adult children often have to take on the responsibility of caring for them. This can be emotionally and financially draining, and so you need all the help you can get, especially from your siblings in California.

Know what your parents need

You can’t help someone if you don’t know what they need assistance with. Talk to your parents and find out what sort of help they need. If they are having trouble expressing themselves, you can look through their estate planning documents like their healthcare directive, durable power of attorney, will or trust to gauge their wishes.

Communicate with your siblings

With that information, it’s time to talk to your brothers and sisters. You’ll need to come up with a plan that everyone is comfortable with and make sure that everyone understands their responsibilities. One way to do this is to create a budget that outlines how much each person will contribute financially. You can base this on your parent’s income, assets and debts, as well as each sibling’s ability to pay. Keep in mind that check-ins are essential to ensure everyone is on the same page and no one feels like they are shouldering too much of the burden.

Put everything in writing

Putting your agreement in writing can help avoid conflict later on and will provide a clear record of the responsibilities of each person in your family towards your parents. You can use an online document service or have an attorney draw up a contract. Be sure to include how long the arrangement will last, what each person’s responsibilities are and how you’ll make decisions.

Despite how challenging this undertaking may be, the rewards of sharing your parents’ responsibility with your siblings can be significant. Not only will you be helping your parents, but you’ll also be strengthening the bonds between you and your brothers and sisters.