Wealthier brother only wants to go halfway
Harry tips his hat to more well-off siblings who pay more for their parents care.
DEAR HARRY: We just discovered that our parents are in financial trouble. They are both in their late 70s and have just about hit bottom. Fortunately, their house is paid for and it is well-suited for elderly people. They took a big hit to their investments in 2008. The problem involves our contributions to keep them above water. They do have Social Security, and my father gets a pension of $2,200 a month. That covers their medical bills and the bare costs of maintaining their home. I'm an engineer with a very fine job. My sister is a teacher in a rather poor school district . She is divorced with one child who will graduate from college in May. I say we should share the cost of their support equally. My sister disagrees based on our relative financial positions. I realize that this is as much an ethical as financial question. Help!
WHAT HARRY SAYS: Most of the support letters that I've received over the years have gone the other way with parents considering unequal financial help for children. My answer has always been that only the parents can decide, and that decision should be heavily weighted in favor of helping those with the greatest need. I believe you should be happy to contribute more than your sister, substantially more. I just came across a situation in which a brother purchased a condo for a needy sister. He is the wealthiest of several siblings. A tip of the many Gross hats to him!