Eldest child of immigrant parents, here. I am in BigLaw and make decent enough money, but feel obligated to help parents with their debt. They had to retire early because of health issues, are on a fixed income, and now everything is coming to a head with debts. People, including my only sibling, say leave them to deal with it. But I can't justify not helping. How are you guys dealing with things like this? I'm trying to save for my own life as well, like a house and for a family of my own.

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I feel this, hard. I help them up to a reasonable per month cap that I agreed on with my SO and that I just mentally treat as part of my loan debt. It was tough to convey the arrangement to my parents but it’s been working on all ends for about a year now.

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This is the way.

My parents don't have debt, but were low income all their lives and now retired. I pay most of their bills (I think there's only one that I don't), including their property tax, and give them a set amount of cash every month. I also earmark some savings every month for them in case of emergencies and/or medical issues. I just build it all into my budget - I chose a cheaper apartment and might have to save another year for a down payment than otherwise, but it's otherwise manageable because I just view it all as additional bills. That's partially why I went to big law in the first place.

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In case it’s medical debt, I understand you may need to consult a Medicare / Medicaid planning attorney before you become entangled in their financial situation.

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I earmark a portion of my bonus for my mother and pay off her debts systematically. But debts that cannot come back--like car and home. Not credit cards. It's less intensive and it's a one and done thing. You can also use your tax return to do this as well. If you're based in NYC, they can be pretty big.

If it's medical debt, negotiate, negoatiate, negoatiate.

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