As Americans live longer, many baby boomers find themselves providing financial and emotional support to aging parents. Experts stress the importance of discussing living and end-of-life plans to navigate who will take care of mom and dad. Do parents eventually plan to move into assisted living or age in place? Is there enough money to pay for long-term care in an assisted living facility or nursing home? Siblings should also discuss expectations with each other.

Traditionally, caregiving has fallen to the eldest daughter, but with family members dispersed across different locations, not to mention women's advancement in the workplace, once clear-cut answers have become hazy.