retirement

Moving parents in with you

Get a health care proxy, power of attorney
Get a health care proxy, power of attorney © NotarYES/Shutterstock.com

Be sure your parents' estate planning documents are up-to-date, says Delia Fernandez, a Certified Financial Planner professional at Fernandez Financial Advisory in Los Alamitos, Calif. "This is the stage of life when it's best to work with a specialist in elder care to be sure you have documents that will give you the power to act on your parent's or parents' behalf for health care decisions and finances if they are unable to do so," she says, "and also to determine whether or not they'd be eligible for Medicaid benefits."

Living with an adult child may change the parents' wishes for their estate, Fernandez says, and it's best if they can talk openly about it with the whole family. Otherwise, "When it comes time to settle the estate, the caregiver may feel entitled to a larger share than other siblings, and there could be legal issues."

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