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Financial Planning / Tax Strategies


Subject:  Re: Buying Second House for Parents Date:  10/29/2013  6:13 AM
Author:  inparadise Number:  119420 of 127745

At the time of the writing of this article, 30 states required children to provide support for indigent parents.

Are you talking the filial responsibility act? That's actively pursued here in PA, though mostly by nursing homes that continue to treat the parent after their funds run out. I didn't think it was a blanket sort of providing for them in every way.

The real kick in the head is that while some states make the kids responsible for their parents' bills, they won't let them keep their parents from imploding financially. No longer an issue for me as both my parents have passed, and MIL is well set, but Sis and I had to look in to legally restraining Dad financially, and were basically told it wouldn't happen. The once fiscally conservative man, who was capable of informed rational decisions, became manic after a long surgery and for months made large dollar gambles at whim with hundreds of thousands of dollars. His financial abilities were compromised from that point on, and he treated his investments alternatively in a reckless way or like an ostrich with his head in the sand.

We become our own worst enemy as we age. I would love to know how to protect ourselves and our kids from our future financial idiocy as we get older.

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