Many adult children are encountering the uncomfortable reality that their parents don't have enough money. Perhaps they've simply outlived their savings. Or their medical expenses have grown beyond anything ever imagined.
Whatever the cause, it's an issue that poses hard choices. How much should you support them? And what about your own needs? Your children's? Here are some thoughts to consider.
- Seek professional help. Talk with an attorney or financial planner who specializes in elder issues to learn about strategies and special programs.
- Be honest about what you can do. On paper, living together may seem an obvious way to cut your parents' expenses. Realistically, is your lifestyle compatible with their needs.