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Tax help when you help out your aging dad (or mom)

Father's Day is Sunday. Cards will be mailed, special dinners prepared and a variety of gifts presented to the men who mean so much to us.

Many of us also will be dealing with things that go beyond one special day. Some folks with an aging dad are helping him out on a more regular, and in some cases daily, basis. Others soon will be providing that extra attention.

If you are or expect to be caring for an elderly dad (or mom), the tax code offers some help. And that's this week's (#8) Weekly Tax Tip.

Some things you'll need to consider are your parent's income, including Social Security; how much support you provide for living expenses, including your parent's residential costs; and how much medical costs you pay for your parent.

Details on these care components and more are in my Bankrate story on tax help in caring for an aging parent, as well as in my blog post on my experiences with my mom.

Give them a read, especially if your dad (or mom) is getting on up there. But don't dwell on the inevitability of time. Enjoy this weekend with dad and every other day you can spend with your folks.

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I do know someone who will be taking care of his aging parents soon ... his parents who have not saved for retirement. They are divorced. The mother has $30,000 saved for retirement, and is 62. The father has $0. Yikes! Time will tell what happens to these people ... for the moment, the father is planning to sell his house, and use the money to move to a cheaper country.

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