Legal Issues When Moving In With Elderly Parents

By Amy E. Feldman

PHILADELPHIA (CBS) - Moving back in with parents is becoming so common that there are architects and decorators who specialize in turning a kid's room into an adult's bedroom. But for those who aren't unemployed millenials who are smoking weed in their parents basement but are instead moving in with aging parents to help care for them, there are legal decisions to make and steps that need to be taken.

First, parents and adult children need to decide who's going to pay the bills both in terms of who's putting up the funds and also who's physically writing the checks.

If you are going to have any responsibility for parents' finances, talk to siblings (calmly if possible) to determine a course of action and then get a durable power of attorney signed to show the bank that you have consent to write checks from their account and to open the safety deposit box if need be.

Decide if you're going to provide care and if you need to quit your job whether you'll receive any compensation.

It may be in your best interest to speak to a family law attorney and a financial planner - and also to toss out that racecar bed before you move in.