How to Set Up a Caregiving Agreement

Caregiving agreements can be excellent vehicles for Medicaid planning (see pp. 94-97 of the 2010 edition of “How to Protect Your Family’s Assets from Devastating Nursing Home Costs: Medicaid Secrets”). I recently came across a very helpful online article that discusses the practicalities of such agreements, here.

Note that in some states, you cannot charge for future care, in a lump sum payment, but in others, it is perfectly legal to do so. Needless to say, you will need an elder law attorney to draft the agreement for you, as the Medicaid rules of your particular state must be carefully followed.

Also, don’t forget there are income tax consequences, so you’ll want to be sure to report the transaction to your accountant.

About these ads
Published in: on February 3, 2009 at 1:35 am  Comments (1)  

The URI to TrackBack this entry is: http://medicaidsecrets.wordpress.com/2009/02/03/how-to-set-up-a-caregiving-agreement/trackback/

RSS feed for comments on this post.

One CommentLeave a comment

  1. Can you reccomend a specialist (attorney) in eldercare and Medicade in Dallas or Plano, Texas?

    Geni Manning
    469-556-1185


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: