Posts Tagged ‘caregiving agreement’

Steps to a create a Family Caregiving Agreement

More than 65 million Americans provide more than $350 billion a year in uncompensated care to friends and family members. Now, with older populations growing rapidly, the need for caregiving is rising, just as a brutal economic downturn is making money increasingly tight. In response, some family caregivers are being paid for their work, usually by an aging parent. And while authoritative numbers aren't available, David Wingate, elder care attorney states” they're seeing more families creating caregiver agreements.” However, he cautions that agreements need to be extensively documented and must stand up as arm's length contracts. Furthermore, family members involved…

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Veteran resides at an assisted living facility but wants to retain her home?

If you rent the home this is income. Therefore you have to report this income, and it can affect your aid and attendance. Consequently, prepare a caregiving agreement, where a family member will reside in the residence, and they will pay the taxes and property insurance only.  This is exempt as rental income. Therefore, you do not have to declare the money paid by the family member, as this is considered family maintenance. Additionally, the veteran must retain the right of occupancy i.e. to occupy the home at any time. Therefore, the home remains an exempt asset.

According to a 2006 MetLife Study, at least 60 percent of employed caregivers, reported making work adjustments because of caregiving.

If you are a child caregiver, you must formalize this caregiving relationship into a caregiving (Parenting) contract.

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