Helping Parents Financially – Part 2

Do your parents need financial help?

God commands us to honor our father and mother. Finding the balance to help them financially while respecting their dignity can be tricky. Government and private programs may help some pay for food, housing, utilities, and healthcare. Supplemental Security Income may be an option as well, but I have three warnings:

• Cosigning on a loan with anyone is risky. You’re as responsible for the debt as they are. Should they default, you’ll have to repay the debt.

• Do not become the guarantor for their medical bills. You’re not responsible for their debt. So, don’t sign as the guarantor on admission forms at medical facilities or nursing homes. You could end up responsible for the final cost.

• Avoid adding your name to the deed of your parents’ home. As co-owner, the portion they transfer to you will be treated as a gift tax. Then they’ll have to pay. If you sell it at some point, a gift tax is your responsibility. 

In 2025 you can give $19,000 to any number of people without penalty. A married couple can give double that amount per recipient. Also, if you pay medical bills directly to a healthcare provider on behalf of someone else, those payments (after insurance reimbursement) are not subject to gift tax.

Other ways to help your parents might include travel expenses to visit you. Often, home and car repair and maintenance, healthy groceries, and self-care are ignored for immediate needs. Ask God for wisdom to minister to them effectively.

And if your parents struggle with credit card debt, Christian Credit Counselors can really help. They’ll create a debt management plan specifically for them. For more information visit online at crown.org/ccc.