Having your parent move into your house, moving in with them, or buying a new property together may be a great way to achieve all your goals. Creating a business relationship with clear communications and clear objectives for your joint living arrangement is a big part of making sure it works.

Buying into Your Home

Your elder law attorney may recommend that your parents buy into your house. In many cases, parents have the assets to afford the buy-in, and can contribute to household upgrades needed to accommodate them. The attorney will advise you on how the house should be owned — jointly with rights of survivorship, as tenants in common, or as a partnership. Check with your accountant before deciding on the ownership form and to understand the tax ramifications of owning jointly and then of inheriting your parents share later on.

Sharing Expenses

Create a clear outline of who is going to pay for which expenses based on how closely your day-to-day lives overlap. If you eat together, plan a grocery budget that you can both share. Set up a monthly home maintenance fee and a utility account based on the square footage each part of the family occupies. If you're managing your parents' bill-paying for them, maintain a separate credit card and bank account for their expenses. When you're shopping, ask the clerk to run your purchases through separate from your parents'. This may seem like a troublesome extra step, but it will make tracking expenses and reporting easier.

Contracting for Care

Don't hesitate to look for professional caregivers if your parents need care, even if they are living with you. The fact that you share a home shouldn't mean that you and your family must care for them full time. In fact, that could be the worst thing for both parties. Check Appendix B for information about free and paid programs for home care.