"Where Fillmore County News Comes First"
Saturday, July 30th, 2016
Volume ∞ Issue ∞
- 5:21:09, Jul 29th 2016 - Hum - Boy, has harmony changed! It's not like that now! ... [Read More]
- 1:55:04, Jul 27th 2016 - SV85 - @left luvr "Where are you getting this stuff?" Where I told you before----" ... [Read More]
- 12:58:29, Jul 27th 2016 - Kim Wentworth - @lolz- meant to type Carol Mosby in my last post. ... [Read More]
- 10:35:15, Jul 27th 2016 - Kim Wentworth - @lolz- Mr. Trump never uttered the "all" when talking about any ethn ... [Read More]
- 8:39:21, Jul 27th 2016 - Middle Man - Trump leaves a lot to be desired, hopefully if elected he surrounds hims ... [Read More]
- 7:13:53, Jul 27th 2016 - Aunt Barb - I am so proud of you, Michael, working to make this world a more peaceful ... [Read More]
- 12:36:54, Jul 27th 2016 - left luvr - @sv85 Where are you getting this stuff? One server for classified info a ... [Read More]
- 6:36:59, Jul 26th 2016 - What the ???? - @sv85 Where is this fact vs opinion stuff come from? Left luvr is mak ... [Read More]
- 2:34:51, Jul 26th 2016 - LOLZ - I think someone needs a dictionary or possibly his ears cleaned. 1) Misogyn ... [Read More]
- 1:46:43, Jul 26th 2016 - SV85 - @left luvr "I don't like Hillary because she is incompetent, that is a fact, ... [Read More]
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