Siblings Need Help Coordinating Care for Parents

Some siblings are not coordinating as well as they could to provide for the care of their parents. In such cases, families may look to planners to help sort out the children’s roles. Financial Planning Magazine offers the following suggestions in helping to delegate roles to children:

• Look to the 50-50 guide to find a variety of options to care for an aging parent. The guide also provides tips on how to handle different family conflict situations that might come up.
• Set up family meetings to clearly define caregiving roles.
• Look at the most tax effective ways to split the payment up among children.
• Communicate honestly and clearly about financial situations, hopes, and expectations.

See Ingrid Case, Tending Mom and Dad, Financial Planning, Oct. 1, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.