Caring for an elderly parent is often stressful for families. Here is a common scenario. An adult daughter lives in the same town as her elderly dad. Her siblings live out of state. She is responsible for Dad's care. At some point, she decides Dad needs to move into a nursing home. The other siblings disagree. They might be concerned about their inheritance going to pay assocaited fees or perhaps they just don't understand the situation. The local daughter has witnessed the stove burner being left on or was called at 11 p.m. when Dad left the house in his PJs for a walk. Sibling disputes can escalate into a guardianship battle, potentially costing the family thousands of dollars and ruining relationships. One solution is to draft a Sibling or Family Care Agreement.
The agreement can cover topics such as:
- Where the parent is to live
- Which sibling has primary care responsibilities
- Guidelines for moving a parent into a nursing home
- How finances will be managed
- Whether the siblings will contribute to the costs of care
- What happens if a sibling does not comply with the agreement
The agreement can be a valuable aid to a trustee or the agent under a power of attorney, but is not a replacement for either estate planning tool. Ask your estate planning or elder law attorney about how to incorporate a Sibling Agreement into your family's plan.
Source for Post: Elder Law Answers
Read an article about Sibling Agreements from the Dallas Morning News.
Technorati Tags: Elder Law, Estate Planning
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