<prompt> Human: My parents arent elderly yet, but they are getting there, my in-laws are about the same age. Neither set of parents has very much in savings, and they spend like crazy. My parents just took out a HUGE mortgage three years before their retirement age, and my in-laws dont have a mortgage payment, but yet still live paycheck to paycheck and have huge credit card debts.I sincerely doubt that both sets of parents have any savings set aside, and neither of them are far sighted enough to buy long-term care insurance.My questions are:Can we take out long term care insurance on my parents?Will we be financially devastated drained savings, etc. by having to take care of both sets of our parents?Anyone have any insight as to how we can protect our financial future, so we dont put my stepson in the same position our parents put us in?Assistant: You cant take out insurance on someone else. You can agree to pay for it for them, but in the end they need to actually get the insurance and sign the paperwork on their own.You will only be as financially devistated as you allow yourself to be. Talk to your parents now and let them know now that you wont be able to pay their bills if they keep spending this way. If theyre being irresponsible youre under no obligation to take care of them. Youre not really under any obligation anyway but especially not if theyre acting out.The best thing you can do for your stepson is to live on a budget, pay off debt, and invest for the future.Human: If they get to the point where they cant take care of themselves, I couldnt just not take care of them. I hope they die happy and healthy.Assistant: Nursing homes are extremely expensive. 30k-50kyear expensive. You may have no choice but to let them go to a medicare paid for facility if they dont get their act together. Even if it doesnt get that bad if they dont have enough money you may need to force your parents to sell the house and get a cheap apartment for example. Human: Both parents have made me promise not to put them in a home. But they might make it so that Ill probably have to!  <response>: That may be unrealistic. Are you or your wife trained to take care of them? Can you afford to have one of you stay at home to keep an eye on them? Can you afford live in help?These are good things to bring up so theyll get long term care insurance even if you pay for it. Its fine if you want to have them live with you if they dont need serious care, just someone to keep an eye on them and make sure they take their meds. If they have any serious medical issues though it wont work. Also, how big is your house? Can you physically put two more couples in there? 