What is the best type of account for adult children to create to save for their parents' retirement/long term care?

It will be interesting to see the responses. Normally one thinks of saving for your own retirement and for the education of children. I don't think there is a lot out there aimed a 'child' saving to pay for the expenses of their parent.

But to make sure I'm clear, I realize many people find themselves taking care of parents but just don't hear of many people looking out and actually budgeting for those expenses.

The first question would be, how long until they need the money?
The other issue is taxes on the money saved (when you put it in) and it's interest income or whatever appreciation, is earned. By not having it in their name you may be losing many of the tax deferring advantages and be paying a much higher rate tax bill on this money.
If you are going be trying to save significant money for this, I would locate and hire a professional.

It's called a long term care policy. Or you basically just save $$ to self fund/use if they don't need it.

Glad to read this. Usually the kids assume Pop has plenty of dough and they are interested
in how much will be left over if they stick him in a cheap nursing home. I have adult children and am pretty sure thoughts of saving for my needs have never crossed their minds.

Seriously, in your situation you should first define your goals and then go from there. What are their needs? Is money needed for emergency funding? Do they have assets. Go from there.

quote:

Originally posted by Beanhead:
It's called a long term care policy. Or you basically just save $$ to self fund/use if they don't need it.

This, if they are younger and insurable, insurance. If not young and insurable, you're probably too late to save much.