How do I help my parents with money?
- Help them downsize.
- Guide them through a relocation.
- Ask them to move in.
- Create a budget for them.
- Help with maintenance or repairs.
Are you obligated to help parents financially?
Thirty states—including California, Ohio, New Jersey and Pennsylvania, but not New York, Texas or your parents’ home state, Florida—have “filial responsibility” laws that require the support of indigent parents by children who can afford some degree of help.
Are you financially responsible for your parents?
This is a common concern, but even if you have financial power of attorney (POA) for a parent, you are not liable for their debts. The only way these debts can be transferred to you is if you cosigned for them or are listed as a joint debtor.