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Investing for Parents
Posted on 3/3/21 at 6:26 am
Posted on 3/3/21 at 6:26 am
My mother is in her 50's and has no retirement savings and health issues. My wife and I expect a great deal of her care/financial support to fall on us as she ages. We are fine with this but would love a tax advantaged way that we could invest for her without giving her control. Any thoughts?
5
Posted on 3/3/21 at 6:34 am to EngTiger
Medicaid
Posted on 3/3/21 at 6:57 am to EngTiger
Estate planning attorney.
You may need some sort of trust, etc.
You may need some sort of trust, etc.
Posted on 3/3/21 at 7:32 am to EngTiger
quote:
My mother is in her 50's
jeezus you guys make me feel old sometimes
Posted on 3/3/21 at 7:56 am to EngTiger
quote:
We are fine with this but would love a tax advantaged way that we could invest for her without giving her control.
That’s going to be difficult as long as she’s competent. Roth IRA for yourselves and withdrawing the principal may be the best you can hope for with respect to tax advantaged.
Posted on 3/3/21 at 8:16 am to EngTiger
Can't help with ideas on savings, but you may want to look into long term health care. Suppose to help if the person will need home health care, sitters, etc., that is not covered by medicare.
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