ABCNEWS.com financial expert Adriane G. Berg offers advice to "Elaine," a 29-year-old with modest income and savings who is partially supporting her aging parents.
Ms. Berg suggests home ownership (but a home too small to accommodate a parent), the purchase of mutual funds, having Elaine's parents give her power of attorney, and looking into whether Elaine can claim her parents as dependants for tax purposes. While Ms. Berg endorses Elaine's willingness to help support her parents, her overall advice is: Put your own social and financial lives first.
To read the ABCNEWS.com article, go to: https://abcnews.go.com/sections/business/PersonalFinance/makeover990409.html (Article may be only temporarily available.)
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