It is likely that many Louisiana residents will need some form of care when they reach an elderly age. Ideally, individuals would be able to receive that care from the comfort of their own homes. While many parties are able to be cared for in such a manner, a family member often undertakes the role of caregiver. If individuals are interested in planning for such a situation and hope to properly compensate their caregiver, they may wish to find out more about useful elder law planning tools.
A caregiver agreement could be created in order to set up the terms of the care-giving arrangement and how compensation may be given. With this a document, individuals dictate what service and responsibilities will be required of the caregiver. An hourly rate for the individual is then determined and also included in the agreement.
By creating this agreement, individuals can provide a form of monetary gratitude to their loved one without having to provide it in a lump-sum gift. Because gifting money could cause complications when it comes to receiving Medicaid assistance for nursing home stays, providing compensation can help avoid such issues. Therefore, individuals may wish to ensure that their agreements are correctly created and binding.
Preparing for possible situations can often help avoid unexpected complications. Individuals who are interested in planning for elder care may wish to learn more about caregiver agreements and other potentially useful estate planning tools. Discussing these options with experienced elder law attorneys could help Louisiana residents determine what routes may be best for their circumstances.
Source: recordonline.com, “Bonnie Kraham: Caregiver Agreement can be valuable elder law planning tool“, Bonnie Kraham, Jan. 5, 2017