Is there a tax incentivized account for saving for my parents?

Follow
Share

My mother has cost of living of X and savings of Y. After so many years (maybe 15-20), Y may run out. As her son, I have a fiduciary duty to support her; after all she sacrificed her job development etc. to raise me. Since her financial outlook is better then most, I would still like to set aside, save, and invest for her with my own income to make sure she remains financially independent. And since I have about 15-20 years, this gives me a great opportunity to grow that money. Is there such a policy that will tax me at a lower rate, since the money is intended to support my mom at a future date if she needs it?

This question has been closed for answers. Ask a New Question.
Find Care & Housing
4

Answers

Show:
You'd have to speak with a tax adviser on your particular situation. If you provide above a certain percentage of her annual living expenses, you might be able to declare her as a dependent. It's complicated.
Helpful Answer (0)
Report

No tax break ...I’ve been there I know .. I just claim her as my dependent on my tax return..there is nothing else 
Helpful Answer (1)
Report

@Guestshopadmin: Do you know of anything that exists for this purpose? perhaps not specifically a tax break, but any other benefits that I may be able to claim?
Helpful Answer (0)
Report

No, there is not a tax incentive savings plan that gives you a tax break for saving for parent care.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.