My sibling and I (in our 40s) live in the same city; our parents (in their 70s) live in a nearby state. They are retired and in financial dire straits, due largely to various ill-advised decisions they made over the course of several decades. We need to figure out how we can help them in a way we can all live with.
(note: I have read this thread, but it doesn't quite address the situation at hand.)
There is a ton of backstory and emotional baggage, as there always is, as well as a current crisis which is sparking all of this... but the narrative of How Things Got This Bad is, to me, increasingly irrelevant. The reality is that my sibling and I (and our spouses) need to make some clear-headed decisions about whether
to intervene and help, and if so, how
we can do it in a way that is both financially and emotionally feasible.
The two things that would help us a lot right now would be:
1) Suggestions for books, articles, and other written resources about similar situations.
So many books and articles about helping elderly parents seem to be predicated on the assumption that the parents did everything right financially (e.g., the mortgage is paid off, there's a retirement fund and/or pension and/or investments to draw on, etc.) and the role of the adult children is simply to take over managing their parents' perfectly competent finances, OR that their financial troubles are relatively small (e.g., elderly parent is on tight budget and needs help paying for prescriptions) and that the role of the adult children is to offer a fairly simple solution. Our situation is much more complicated and bordering-on-calamitous than that.
2) Suggestions for professionals that would be appropriate for us to meet with in order to make a plan of our own.
My sibling and sib-in-law both make significantly more than my spouse and I do, but they also have expenses that my spouse and I do not (they have several children and a very expensive mortgage; we have neither). So what we are each able to contribute will need to fit in with our own budgets. Is this the sort of thing a financial planner helps with? If not, who does? Any recommendations for finding one in the Los Angeles area would be great.
Thanks in advance.