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Do you provide financial assistance to your parents? How to save

Posted at 11:53 AM, Apr 08, 2013
and last updated 2013-04-08 11:53:17-04

Lynnette Khalfani-Cox, Founder of AsktheMoneyCoach.com, offers advice for people providing financial assistance to an aging parent. Lynnette suggests:

TAKE ADVANTAGE OF FEDERAL AND STATE AID (Try: eldercare.gov (800-677-1116) or n4a.org)

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.