Well, have certainly been in the position of dealing with failing parents, both mine and in-laws, and both long-distance and local, and both limited funds and plentiful funds. There's no one answer I could give on how to cope, other than it really helps to be getting professional advice. Sources of advice I useful:
* Hired an Eldercare Specialists/Consultants, in one case retired nurse, in other case retired Nursing Home Director
* Hired a Concierge physician for remote situation because did house calls / nursing home visits, and was available on cell ph 24/7
* Hired Estate Attorneys in planning/preparation for the inevitable, and also to sort out Healthcare Proxys, POA's and such, plus help deal with LTC insurance complexity
* Hired in-home care agency, found owner's experience to be invaluable, both in terms of care of parent and also LTC insurance issues
Basically, the complexities of navigating the system, whether it's the hospital system, the nursing home system, the insurance system, all of it packed with huge complexities we could not anticipate on our own. For example, the way you answer questions posed by all these providers can determine whether Medicare/Medicaid/LTC insurance will cover or not, whether your parent gets into a facility or not, etc. It is a minefield.
Even getting parent into a best nursing homes is liking applying to a country club - you need to know the requirements, you might even need connections. And then there is the question of who are the best facilities? Answers are not obvious - it's not necessarily the glitziest facilities. The professionals know all the gossip and reputations, how are you gonna know?
Anyhow, this was my experience. DW and I did not have much by way of other family to help out - in fact some family were outright counter-productive and had to work around various agendas - this is where the attornies come in handy). If I could have added another professional, it would have been a therapist to help deal with the incredible stress.
YMMV