Unprovoked criticisms, accusations of stealing from the ailing parent and misguided health decisions often emerge from folks, especially siblings and other family members, who usually aren't interested in or participating in the day-to-day caregiving work, experts said.
It is estimated that the "Great Wealth Transfer" will move $124 trillion from the older, Baby Boomer generation to younger heirs over the coming decades.
Disputes that rise to litigation are costly. Legal fees, delays, and administrative costs sometimes consume assets meant for heirs or charities.
Can adult children caregivers protect themselves?
Before taking on the primary caregiver role, talk to a lawyer. Enlisting a lawyer to help will probably cost money and time, but it may pay off later if it prevents major disputes.
Detailed records: "The best defense is real careful records." IF you write a check for $1,500 and it is to reimburse yourself, make sure you have the paperwork showing you paid for a caregiver or cabs to get to doctors' appointments.”
Caregiver agreement: A parent can legally compensate a child for caregiving services, but it needs to be a written contract between a parent and an adult child that formally defines the services being provided and compensation rate.
Clear and well-documented estate plans: Not just clearly written wills, POAS and living wills, but private attorney meetings with the parent and clear records of their stated wishes are the strongest defenses available to the caregiving child.
Even with a well-documented paper trail, "some will still push through even though the court will likely side with a well-documented caregiver's account.
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client.
For further information please contact me at www.kmckernanlaw.com kevin@kmckernan.com or 718-317-5007.