Lynnette Khalfani-Cox, Founder of AsktheMoneyCoach.com, offers advice for people providing financial assistance to an aging parent. Lynnette suggests:
TAP INTO SENIOR CITIZEN BENEFITS (Try: benefitscheckup.org)
CLAIM LEGITIMATE TAX BREAKS (Check out IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for more information about claiming a parent, another aging relative, or anyone else as a dependent and to learn about the dependent care credit.)
For more of Lynnette’s advice on how to save while providing financial support to aging parents, click here.