Secrets to Successfully Sharing a Home With Senior Parents

1. Have a meeting about household finances

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You’ll avoid many conflicts if you have a family meeting to discuss finances before moving your parents into your home.

“It’s a really tough conversation, but it’s an important starting point,” Choney says. “You are merging your financial assets. You don’t want anyone to feel taken advantage of.”

It’s important that you and your parents come to an early understanding about financial responsibilities. If you expect them to share in the cost of such things as your mortgage, utilities and groceries, they’ll need to know upfront so they can plan their spending.

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