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Family Caregiver Contracts?

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Here are the top six reasons such contracts make sense.

Posted September 28, 2012



In the past, when a family caregiver needed to provide increased amount of time and care, to keep the aging senior at home, it was expected that they would do so in spite of any financial or emotional sacrifice. Aging baby boomers are changing that expectation and many are doing it out of necessity.

A family caregiver contract is a legal contract in which a family member is paid to care for the aging senior member of the family. Once an unspeakable or even unthinkable topic, there is a growing interest in the family caregiver contract.

As the aging population is living longer, baby boomers are facing caring for aging parents. Many are providing this care as they plan for their own retirement. Elder law estate attorneys are reporting an increase in interest in a formalized family agreement.

With the recent economy and new regulations regarding the qualifications for Medicaid, families are exploring creative solutions to providing care for the aging senior in their life. Caring for an aging parent can involve time, emotional and financial sacrifices. Providing care can involve many years of commitment and dedication. Families are exploring options so that they can provide the quality care the aging senior deserves. Many do not want to suffer the financial consequences or losses of providing that care, even though there may be tax consequences to the income they receive.

The top 6 reasons a family caregiver contract makes sense when a caregiver is needed:

A family caregiver contract should address those issues and be part of the agreement. A family caregiver agreement may not sound appealing but for some families is does make sense.

Diane Carbo, RN has over 35 years’ experience in a variety of nursing settings, including orthopedics/rehabilitation nursing, home care, discharge planning, case management, oncology, hospice, senior behavior health, assisted living, and long term care. Her passion is to help people plan for long-term care needs, and to that end started AgingHomeHealthCare.com. Her goal is to assist aging seniors and their families to develop plans that allow individuals to remain home, safely and comfortably, in the least restrictive environment, regardless of age, income or ability level.

 

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