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Sidney KessSidney Kess ()

A Pew report1 last year found that about 25 percent of Americans with at least one parent age 65 or older said their parent needed help in handling their financial affairs or in caring for themselves. As the population continues to age, the numbers will only grow higher. About a dozen states have filial responsibility laws requiring adult children to provide necessities for a needy parent. But even without such laws, many adult children provide personal and financial care out of love or a sense of duty. Some personally take care of their parents, while others give help in some way, such as providing financial assistance or overseeing professional caregivers. From a tax perspective, what does providing help for an aging parent mean to the adult children who do it?

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