"Where Fillmore County News Comes First"
Tuesday, March 31st, 2015
Volume ∞ Issue ∞
- 2:52:28, Mar 30th 2015 - Typical - Vikefan, The main difference between me an you is I have my own opinion. ... [Read More]
- 11:09:25, Mar 30th 2015 - vikefan 1 - To Typical Obama violating protocol by using executive actions? Do you ... [Read More]
- 8:26:07, Mar 30th 2015 - Typical - "To bypass the President of the United States and invite the leader of a f ... [Read More]
- 6:05:13, Mar 28th 2015 - Fillmore mom - I really enjoyed this article, too bad others used it as their persona ... [Read More]
- 12:29:12, Mar 28th 2015 - vikefan 1 - To Thanks! About blindly following Obama and his governing policies, yo ... [Read More]
- 5:23:52, Mar 27th 2015 - Jimbo79 - Sure, small towns have overlapping news. It seems odd that one should foll ... [Read More]
- 5:18:28, Mar 27th 2015 - FountainFarmer - johnqpublic, To expand on my previous post:,Let me ask you a que ... [Read More]
- 4:44:20, Mar 27th 2015 - Thanks! - I have read your articles for quite awhile now, always amazed that you seem ... [Read More]
- 4:26:44, Mar 27th 2015 - FountainFarmer - johnqpublic, So what if the Bluff Valley Reader had an article ... [Read More]
- 3:09:10, Mar 27th 2015 - johnqpublic - This looks familiar...where else have I read this? Just looks so famil ... [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