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Paying for a Parent's Care A Guide for Boomers
Baby boomers face caregiving for aging relatives as longevity rises. The piece outlines tax and legal options, including gifts limits, direct medical payments, and claiming dependents, plus housing and financial strategies such as reverse mortgages, renting to parents, ECHO units, accessory apartments, and various powers of attorney to manage accounts and caregiving costs. It emphasizes consulting IRS publications and professional counsel to structure these arrangements.
MENTIONED IN THIS ARTICLE
Boston
U.S
Senior Link
IRS
Federal National Mortgage Assn
AARP
Elder Cottage
ECHO
Administration On
Aoa.gov