“Thought for the Day” #921 – by Stephen R. Elville, J.D., LL.M.

March 8, 2017

When aging parents move into their child’s residence in a shared living arrangement, the necessary physical arrangements are obvious. Less obvious are the financial issues involved. Will the parent(s) have an ownership interest? Will the parent(s) contribute financially, and if so, how? And how will the arrangement affect parent’s estate planning and related family dynamics? These are just a few of the issues for consideration. In such circumstances, it may be advisable for parents and children to have separate legal counsel.