"Where Fillmore County News Comes First"
Wednesday, September 28th, 2016
Volume ∞ Issue ∞
- 5:26:29, Sep 27th 2016 - Thomas E. H. - @ Kim Wentworth, ^the last post was from me. I just wanted to be c ... [Read More]
- 3:44:00, Sep 27th 2016 - Kim Wentworth - @Thomas E. H.- the planet's temp changes, goes thru cycles, a tweak u ... [Read More]
- 1:58:02, Sep 27th 2016 - @ Kim Wentworth - That previous post was directed to Mr. Schwartzentruber. If you ha ... [Read More]
- 10:10:34, Sep 27th 2016 - Kim Wentworth - @ Thomas E. H.- I will have to rely on you to tell me if you are jok ... [Read More]
- 9:15:13, Sep 26th 2016 - Patriot - Hello Hum. I disagree with your view on running K9 officers by vehicles in ... [Read More]
- 2:44:07, Sep 26th 2016 - Thomas E. H. - I would like to thank Mr. Schwartzentruber for illuminating Agenda 21. ... [Read More]
- 2:06:32, Sep 26th 2016 - Aaron Bishop - @ Kim Wentworth, Thank you for your comment. I did indeed mull that ... [Read More]
- 1:26:51, Sep 26th 2016 - Kim Wentworth - From the top: while neither side is perfect in the area of "facts" fo ... [Read More]
- 1:08:55, Sep 26th 2016 - Kim Wentworth - I think in the beginning you should have used the words "democrat" an ... [Read More]
- 12:45:42, Sep 26th 2016 - Hey Hum... - Is it rummer or rumor? ... [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