Should children contribute to their parent's care costs? - AgingCare.com

Should children contribute to their parent's care costs?

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Parents are retired on SS and pensions just above the Medicaid limit. Adult children are in two-professional-earner families ($130K?). One daughter wants a lot more care for her parents. Should the children contribute to the cost?

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The ones who want to, should. Others should feel free to decline.
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Absolutely. Obviously is grown children are dead broke they cannot, but if they can they should want to contribute in whatever way possible to make loved ones life better. Not saying you use up the children's college fund, but balance for all things that are a priority.
Show me your budget and I will tell you your priorities. BTW, 130k is a nice income, but it requires budgeting, it is not unlimited.
I would hope any high earner can figure out how to help someone they love.
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It should be the decision of the grown children to contribute to the cost. Just because a household has a high income doesn't always mean there is money left over to use.

Usually professional earners the ratio of expenses is the same as other wage earner. Higher incomes usually live in a more expensive house, thus a much higher mortgage, higher utilities, higher clothing and maintenance cost, if the professional takes out clients usually a higher priced newer vehicle. Entertainment of clients can be very expensive. Yes, much of the expenses can be a business write off, but the initial expense is now. Plus the grown children are also saving for their own retirement future.

It's a tough decision as we want the best of our parents. And it depends on what would be the annual cost of adding more outside care. Would the add cost be durable? One needs to see the "annual cost" and not the "monthly cost", as the annual cost gives a better picture of the expense. Sometimes these cost can be written off on one's income tax, but one would need to consult a CPA.
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If one daughter wants a lot more care for her parents, I think she should prepare a budget and justification of those expenses. What exactly is it that she wants and why?
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