After the controversy about loaning money to family, another step in family finances is what to do when your parents move in with you?
How do you handle the financial aspect of a parent moving in? Do you allow them to live rent free and not contribute to the household? Do you expect them to contribute equally?
And of course this is further complicated if you have siblings. If one sibling takes on the responsibility of allowing the parent(s) of moving in rent free, should the others contribute? Or should that child which steps up responsibility expect to inherit a larger portion of the parents money? Should that child use the money to care for the parents? Or will siblings feel that their "inheritance" is being squandered?
This is currently the predicament ongoing in my family. I doubt my grandmother can live alone. And she is not rich, nor does she have any money. Instead her children have always had to support her. Since she currently lives alone in my mom's second house, she needs to move out. At 80 years old she can't manage the upkeep or cleaning of the house.
But what to do? Financially it will be tougher on any child that takes her in obviously. But should they take her tiny monthly pension and social security? It amounts to less than $800/month.
I think this is a financial predicament likely to hit many boomers as they age. How to handle moving in with their children.