Your Place or Mine? – Providing Care for Aging Parents
March 1, 2009
When an aging parent needs assistance to live at home, many children opt to provide the care. Often, the parent will not agree to hire professionals due to their inability to appreciate the decline in their ability to live independently. Occasionally, the parent has concerns regarding privacy, and their child is the only caregiver they will trust. Still, the caretaker child arrangement conjures up a variety of legal issues.
A caretaker child arrangement exists when the parent lives with the child, and the child provides care similar to that of a facility. Here, it is best to establish a care agreement. A care agreement is a contract in which the parent agrees to pay the child (in either a lump sum or on an ongoing basis) or to finance an improvement to the child’s home, and the child agrees to care for the parent until either (1) the parent passes away or (2) is in need of nursing home level care.
When establishing a care agreement, you must value…
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by: Gina M. Barry, Esq.