So, Mom moved in with us Oct 2019. Social worker came to our house and advised me to come up with a monthly figure that Mom is going to cost us, down to prorating utilities, etc. I did that and came up a monthly figure, documenting it all in a spreadsheet. Of course, I had to reduce it based on her lack of available funds because she'd run up $25k in credit card debt and another $5k financing some stupid recliner queen bed that's 1) useless now and 2) not worth $5k (gullible senior ripped off).
We have been muddling along for a year on this plan. I keep a detailed record of almost every penny we spend on/for her and credit her monthly contribution, keeping a running total. She can't use her cards anymore because they're maxed out. The payments, of which the majority is interest, are barely enough to cover the interest and the bare minimum new charges (I make her pay for the monthly storage of all her crap she refused to part with and our things we had to clear out to accommodate her, and occasionally there's an emergency expense of hers that we can't handle that keeps the balances barely in check).
Anyway, I did a 2020 accounting. We've spent almost $12k out of pocket on her (and I don't charge for groceries and sundries) in the past year. She's been able to cover about 55% of that with her monthly contributions. But she "owes" is currently about $6k, and it's only going to increase. This is money we will never see reimbursed or repaid. She has no assests and no death benefits or insurance. My dad was the financial wizzard; he died ~30 years ago. Mom has no discipline with her money; totally irresponsible. Also, we don't have this money to cover her and are going further into debt caring for her.
If she didn't have that credit debt and that stupid overpriced bed, she may at least be able to break even and stop bleeding us dry. I'm thinking bankruptcy for her, if she'll agree - No dementia here. Just a willful spoiled toddler attitude I deal with.
Anyone have experience doing this for your elder? Pros, cons, pitfalls?