"Where Fillmore County News Comes First"
Friday, April 18th, 2014
Volume ∞ Issue ∞
- 10:55:36, Apr 3rd 2014 - Attendee - I do think the meeting went well in terms of sharing information. But also ... [Read More]
- 11:56:59, Apr 2nd 2014 - svtaxpayer - Start the meeting with the same old rehash about how great college class ... [Read More]
- 11:30:55, Mar 28th 2014 - RoryKramer - I couldn't have said it any better. My family has shopped at Willie's f ... [Read More]
- 8:44:51, Mar 26th 2014 - Gunnar Berg - Would that be Henrik's lessor known younger brother "Al"? ... [Read More]
- 1:21:46, Mar 23rd 2014 - REDHORSE51 - EXCELLENT COMMENTARY ON BULLYING, HOWEVER THE AUTHOR STILL SUPPORTS THE ... [Read More]
- 6:23:24, Mar 17th 2014 - about time - About time they start giving tickets to people who park where it days no ... [Read More]
- 5:51:04, Mar 17th 2014 - what? - I guess it depends who you are in this town. I called and talked to the city ... [Read More]
- 4:03:17, Mar 14th 2014 - - Looking for his mom and found this. Randy you will be greatly missed. I loved all ... [Read More]
- 10:21:04, Mar 14th 2014 - Doc - So many winners. ... [Read More]
- 8:58:49, Mar 10th 2014 - dan - Great letter Steve! That is attitude we should be taking, alternatives will be ... [Read More]
Do you think that chain stores in small communities undermine the sales of locally owned retailers?
Fri, Mar 25th, 2011
Posted in Ask the Expert
Posted in Ask the Expert
There are many issues that come up when a child is caring for an elderly parent. The major issue is compensation and how that affects estate planning and medical assistance eligibility.
Most people don't initially want to charge their parents for giving
them care. However, the parents and all children need to discuss the reality of the cost of transportation, time off from work, and the cost of food, etc., for live-in care that the child providing the care will expend. It can be extremely helpful for everyone to have their expectations in writing through a personal care agreement.
More importantly, the reimbursement or compensation given under the agreement will not be considered a gift, preventing a tax liability for the parents and preventing a period of ineligibility for medical assistance. However, such an agreement may have tax implications for the children.
Our office can help you determine if a personal care agreement may be right for your family.
Springer & Gumbel, P.A.
141 W. Fillmore St., Preston, MN
Phone (507) 765-3600