Supporting Your Poor Parents
I suspect there's a good group of you that have navigated this... Are there any smart ways that I can provide security for my poor parents while leveraging their financial situation to increase my tax efficiency?
Background: I'm early-30s and doing decently well ($500K earnings, $2M+ assets mostly equities, expat in CH) and my parents are mid-60s and scraping by (both unemployed for 8+ years, health issues stacking up, mortgage on a small home, maybe $100K in retirement, probably some high interest cc debt, reliant on medicaid).
Ideas: Do I buy their house, charge them nominal/zero rent, create a business with them as employees, legally file them as dependents, or...? OR do I just let them safely peter along while I stack cash at decent returns so I'm ready to provide the safety net if/when it comes up?
For what it's worth, we have a strong relationship and trust in our family and of course want to maintain that.