Disclaimer: With Medicaid, VA, and insurance regulations frequently changing, past blog posts may not be presently accurate or relevant. Please contact our office for information on current planning strategies, tips, and how-to's.
With roughly 40 million people in the U.S. becoming caregivers for a member of their family, some may have to reduce the hours they work at their jobs outside of the home or quit altogether. This leads to a loss in benefits for retirement or social security. These caregivers will also spend their own money to care for a family member. AARP reported they will spend an average of $7,000 a year for their family member.
However, there are ways to get paid legally by the family member receiving care. The steps to complete the contract must be followed carefully to avoid with the IRS or Medicaid eligibility. One important step is to meet with an eldercare attorney to make sure the contract meets tax and legal requirements.
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