"Where Fillmore County News Comes First"
Thursday, February 11th, 2016
Volume ∞ Issue ∞
- 2:39:33, Feb 9th 2016 - SV85 - Hawkeye Also your blind devotion to Fox News. Did it ever occur to you that ... [Read More]
- 2:26:35, Feb 9th 2016 - SV85 - @Hawkeye 63 And your blind loyalty to anything and anybody to the far right ... [Read More]
- 1:44:23, Feb 9th 2016 - Taylor - @Rushford Man...you have a problem with me? Bring to me personally instead of ... [Read More]
- 1:16:28, Feb 9th 2016 - Hawkeye63 - @ SV85, You are correct when you state the negative comments were mostly f ... [Read More]
- 11:31:59, Feb 9th 2016 - Rushford Man says - I am willing to pay more taxes for the new school. It will bene ... [Read More]
- 11:16:55, Feb 9th 2016 - SV85 - @Hawkeye63 I don't know how I can get you to address the main point of the a ... [Read More]
- 10:37:19, Feb 9th 2016 - @says - Quit whining. I would say the value of your farm / land has dramatically inc ... [Read More]
- 2:15:57, Feb 8th 2016 - Hawkeye63 - . SV 85, all your insults are for nothing. My skin is too thick to worry a ... [Read More]
- 7:28:40, Feb 8th 2016 - - In response to the free lifejackets. That would mean you are offering a way out for ... [Read More]
- 5:30:25, Feb 8th 2016 - wow - About time u r thinking of a parking lot! and another thing. U CAN'T reserve par ... [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