This is a common problem when a parent dies and the other is left alone. Typically when there is money, the siblings will start jockeying for the favorite child status to enjoy the parent’s wealth through making decisions for the parent. When there is no money, the siblings may start dumping the the problem on the other siblings rather than be saddled with the burden of care.
Avoiding this scenario is easy through timely and proper planning. A trust can be set up to take care of the finances with multiple trustees to avoid having one sibling make all the decisions. The trust can also contain specific directions to the trustee for financial decisions. A power of attorney also helps to avoid having one sibling usurp the parents wishes through undue influence. Finally, a Medicaid trust may help the parent qualify for Medicaid, the which will lessen the financial burden on the siblings.
The end result of proper planning is that all avenues can be explored and the best solution for the situation can be found.
For more information, please contact me.