Long-Term Care
A caregiver contract outlines the responsibilities of the caregiver and specifies the payment he or she will receive for their services. Such a contract can both protect and benefit the parent and child. It compensates the child for his or her time, money and effort spent on caring for the aging parent. It can also help avoid any potential conflict between family members by making sure the work performed is fairly compensated. A caregiver contract is often a better alternative than the parent deferring compensation for the child’s services until after death by leaving the caregiver child a disproportionately larger share of the parent’s estate. There is a risk of unfairness with such a deferral, to the extent that the value of the child’s share may be significantly more or less than the value of the services performed. Also, such a contract can alleviate claims by the other children that the caregiver took advantage of the parent.
The cost of long term care can be devastating for many people. In Massachusetts, nursing home care can cost as much as $10,000 a month, and receiving comparable care at home can be even more costly. Long term care insurance is often the best solution to the long-term care problem. Most policies now cover home care and assisted living care in addition to nursing home care.
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Moving into an assisted community can be very stressful and takes a lot of thought and careful consideration, but finding the right solution can be the difference between happiness and regret.
