Caring for the Child Who Cares for You
- Posted in: Elder Law
We’ve had one or two posts on our blog about caring for elderly parents, written for the most part for those who are—or who will someday be—providing the care. Today, finally we have a post for those who are the recipients of that care – your caregiver child.
Parents know how much their children may have to give up in order to care for their needs. In fact, we know that many parents allow their children to care for them only reluctantly. And these parents, while they want to be fair to all their children, also want to do something extra for the child who has taken on the greatest share of caretaking.
It’s not always easy to know the best way to do this, or even if there is a way to do it. Many grown children are reluctant to talk with their parent about the possibility of that parent’s death. And even more of those children are uncomfortable discussing the idea that they might want (or need) financial reimbursement for caring for someone they love so much. Alternatively, perhaps you as the parent are the one who is uncomfortable discussing monetary issues with your children.
However, if it is your wish to in some way provide for your caretaker child, here are some options to help you do so:
Executing a Caregiver Agreement
Providing for your child in your estate plan
Taking out a Life Insurance policy
Using one of a several options to transfer your home to your child
Any of these options can be a viable way to help provide for a child who is currently helping to provide for you. But each option requires the help of a knowledgeable professional or there may be negative tax consequences. Call our office today to find out more about your options.