Caring for an Aging Parent: Financially Smart or Emotionally Costly?

Caring for aging parents is something many of us will face—but few are fully prepared for the financial, emotional, and logistical challenges that come with it. In this episode, we will tackle this common scenario for Baby Boomers and discuss what happens when you're part of the “sandwich generation”—caring for both kids and aging parents.

Our question today comes from someone whose 93-year-old mom has fallen twice in the past month, and he’s weighing two options: bring her to live with him or pay for in-home care out of his own pocket. Which choice makes the most sense, both financially and for his family’s well-being?

Here’s some of what we discuss in this episode:

🏡 In-Home vs. Facility Care – What’s cheaper, safer, and more sustainable?

💸 Tax Implications & Medicaid – What you need to know before paying expenses

📉 The Retirement Impact – How caregiving can affect your financial future

⚠️ Asset Transfer Risks – Why giving away the house can backfire without a plan

 

For more, visit us online: http://philstaxhacks.com

Watch the video podcast on YouTube: https://bit.ly/3WdDG96