Taking care of a parent can be a financial burden. Adding an extra body to any household increases the overall cost of a household. One solution is to charge your parent rent and have them pay a portion of the costs. This is always difficult to determine especially when there are siblings involved.
To avoid post accounting issues, I would recommend the following:
1. Before setting the amount, meet with your siblings to discuss mom or dad’s income.
2. Discuss the increased burden or impact on your household. You do not need to get into your finances and ability to pay. This is about fairness to you and not increasing your burden.
3. After two months, look at pre and post move-in utility bills and groceries to determine the increase in actual costs. After this review, meet with your siblings and make the appropriate adjustments, if any.
4. Use an online accounting system to track costs and payments. If there are any questions, you can simply provide a printout of what has been going on.
Taking simple precautions may avoid the intrafamily squabbles that can turn your effort to help mom or dad into a bad experience.
Please feel free to contact me with any questions you might have at http://www.attorneydrew.com