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If there is a paper trail and you want to deduct the expenses then the grandkid is going to be expected to pay taxes on his income. If you just pay him cash there would be no trail and no taxes. You can make a contract between the 2 of you on what you expect and how many hours a day etc. just so you have it straight between you, but I would'nt share it with anyone else. I would make sure your grandkid is cpr trained, and agrees to get a flu shot and arrangements are made if he is sick, to keep him away from your dad, he has enough problems. Do make every effort to give his grandkid ample down time so he doesn"t get overwhelmed burned out and then you will have no one. Speaking highly from experience.
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This is an excellent question. I say this because it is legally and financially a great thing to do. A paper trail is very important when it comes to funds of an elder in need of care. It also protects the caregiver from being taken for granted or used and abused by others who have no idea what it takes to be in the caregiver position. In the contract there should be a respite type of arrangement included because in alot of cases, once a person commits to being the caregiver, others use many excuses not to help and the caregiver, never gets a well needed and deserved break.
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I guess it would depend on the relationship and communication in the family wouldn't it? I mean if everyone gets along well and the grandson understands EXACTLY what is expected of him, I'm not sure why there should be a contract, unless you're talking about taking the care off of your father's taxes maybe. I would think the family dynamic would dictate how you would proceed, and if an actual 'contract' was needed.
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