Cost of Elder Care Places Children in Financial Bind

For an interesting article discussing how children are enduring financial hardship to care for their elderly parents, see Jane Gross, Elder-Care Costs Deplete Savings of a Generation, NY Times, Dec. 30, 2006.

The article quotes Dr. Robert L. Kane, a geriatrician at the University of Minnesota School of Public Health, as stating, “There is a myth out there that families abandon their frail elders. * * * Instead, across the income spectrum, children are sacrificing to care for their parents to the limit of their means and sometimes beyond.”