"Where Fillmore County News Comes First"
Tuesday, August 30th, 2016
Volume ∞ Issue ∞
- 12:59:03, Aug 26th 2016 - Kim Wentworth - A couple of things if I may. The first paragraph states that if ... [Read More]
- 10:35:10, Aug 26th 2016 - Kim Wentworth - @future- not sure what polls you refer to, some polls actually show ... [Read More]
- 9:22:11, Aug 25th 2016 - future - "Both, party officials and "former" establishment members, republicans, were ... [Read More]
- 1:30:00, Aug 25th 2016 - Kim Wentworth - a couple of things:1) your first paragraph I agree with...the whole ... [Read More]
- 1:16:22, Aug 22nd 2016 - Susan@batterysolutions.com - Although alkaline batteries are allowed in the trash in ... [Read More]
- 6:31:22, Aug 21st 2016 - Boo hoo hoo! - People who can't string two words together that make sense should at l ... [Read More]
- 8:53:13, Aug 20th 2016 - Aaron Swartzentruber - Why does God need to be brought in to understand this conce ... [Read More]
- 12:40:36, Aug 16th 2016 - VikeFan1 - @WTH There's no need for me to mention facts that have already been cle ... [Read More]
- 4:24:11, Aug 15th 2016 - future - I'm more pointing out the logical connection an always intervening, all know ... [Read More]
- 10:05:38, Aug 14th 2016 - WTH - @ vikefan name one fact you brought to this table. As usual you are a day late ... [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