There are any number of reasons why you elderly loved ones may not be able to afford care. If they are waiting for benefits to kick in or are simply not able to afford the level of care they need, it may fall on you to help them pay for their care. The prospect can be overwhelming, particularly if you are just able to meet bills on your own. Here are some ideas for being able to afford helping out your loved ones with the costs of their care.

Cut Costs

Depending on how much overhead there is in your or your loved one’s budget you might find places to cut. If they have loans, credit cards or even a car payment that is pulling away resources from them you may be able to work out deals with their creditors to free up some money. Take a look at your own finances as well to see if there are any areas for you to squeeze to assist with costs.

Set Up Dependency

IF you are providing a certain level of financial support you may be able to claim your loved one as a dependent. This can provide you with tax breaks that will free up money..

Additional Sources of Revenue

This might be selling off investments, property or even picking up a second job. Look for ways to help fund the additional costs while still being able to manage your own.

If you need legal assistance with the finances of an elderly loved one, contact Stano Law group today!