I know this sounds cold, but every financial planner/advice we have received is to not ever do anything to compromise your retirement. That includes paying for things for your kids and your parents. When you think about it, it makes sense. If we end up without resources, then our kids or relatives will be taking care of us, and the cycle will be perpetuated.
My only experience with this was with my in laws. They became incapacitated, through their own refusal to accept in home help for my FIL's dementia. MIL got hurt caring for him, resulting in TBI. He ended up in a locked ward because he was violent, and she went to live in a very nice assisted living facility. They were penniless; time was spent arranging the care and the financials, but no one had to give up their lives. In this case, the state of AZ and Medicaid came through and we were very happy with the quality of care.