How can I make sure my parents’ money is spent their needs before they give it away?
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How can I make sure my parents’ money is spent their needs before they give it away?
My elderly parents have given their youngest adult child financial support for years, at the expense of their savings which is now depleted, as well as their credit and their own health needs. What can I do to make sure they have sufficient finances to support themselves if they continue to choose to send her money? Is it necessary to have them declared incompetent? What are our options to help them? I don’t care if they want to help her out, but I do care if they are harming themselves. And the adult child mentioned does not care that they are unable to afford to support her.
Asked on May 4, 2012 under Estate Planning, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I can tell from your question that this is troubling you deeply. But if they are of sound mind and they choose to help her then you really can not do anything about it. I might suggest a different approach. What ever they have left should be lookd at by an estate planner to see if they can set up a trust of some sort to help take care of "everybody" when the time comes. You yourself are not going to influence their behaviour but some one else can help them see what the future will hold should they continue to spend as they do. Good luck.
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