Consult with a competent estate planning lawyer immediately to protect your parent and your parent's assets. Don't delay. Also, if you feel the relationship is inappropriate, you may want to contact your local ombudsman, the State of Wisconsin Department of Health, and potentially local law enforcement, depending upon your specific concerns. Good luck.
You should consult a local estate planning expert assuming your parent is still mentally competent to properly plan and protect their assets. This type of family planning is critical in a potential situation like the one you are describing.
If your parent has legal capacity, definitely look into Estate Planning - to include Durable Power of Attorney so that you are the one with legal authority. See Find-A-Lawyer at the top of this page. Good Luck to you both.
My answer is based on the limited facts presented. It doesn’t create an attorney-client relationship. Use the ‘Find-A-Lawyer’ search engine at the top of this page and follow proper legal advice.
The susceptibility of vulnerable seniors to the approaches unscrupulous "new friends" is a common concern. Often the vulnerable adult is flattered by the attention and is receptive to the new friend's influence. If you take your parent to an attorney who has them execute a POA, you may find that the new friend convenses your parent to replace it with one of their own. To me it seems that before you take your parent to an attorney to set up a new estate plan, an act of which the new friend will surely become aware and may undermine, you may want to contact Adult Protective Services and report your concerns. If a little light is shed upon the situation, the new friend may find someplace else to go.. Be aware that your parent may react unfavorably towards you for meddling in their affairs.
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The problem is, even if you have Power of Attorney, how are you going to know if your parents withdraws funds or makes a new will naming the new "friend." I thing a fully funded revocable trust with you as a co-trustee is the best bet. Regardless, get help from an estate planning attorney.