My mom wants to start paying me to take care of her finances (bills, insurance etc). Fortunately money is not an issue for her, and taking care of her finances does take up a lot of time. How much is fair and should there be a contract?
I see no reason not to take some form of payment for what you do. Taking care of our elderly parents is time consuming and, in my case, has prevented me from taking a full time job for the last 10 years. My family needs the money and since she has plenty I do accept money from her. She makes my car payment and gives me a couple of hundred a month.. it is not much, but it helps to make ends meet since every job I have tried to take inthe last 10 years, I have had to quit, because of her daily crises and multiple phone calls... My family should not suffer financially because she is so demanding, so should you accept money?? Sure, why not! If she didn't have you, she would have to paying someone to do all that you do and you will charge less than someone else... so, go for it!
Sean! Go take care of your mother's finances! I see that Carol suggests a contract ( a POA for Finances). This is probably a good idea if there are siblings involved, so you won't be accused of stealing/fraud/mismanagement. You should not hesitate to do this. If you mother wishes to include a monthly fee for your work, then accept it as part of the overall expenses. It couldn't be THAT complicated. Get a ledger, put all her bills in monthly order and begin paying them. An accountant can help you with this, not a FINANCIAL PLANNER> ugh.
Honestly, helping her out with her finances wouldn't seem to take up all that much time. I wouldn't ask her for much money for this, actually ,I wouldn't charge her at all for this. She's your Mom.
Yes, there should be a contract. We take on these caregiving roles out of love, but if money becomes a regular thing, for your own protection (especially if you have siblings - no matter how close you are) it's better to get it done legally. At the very least, make a contract between the two of you and have it notarized, but I would suggest an estate attorney. Then make sure all other papers are in order as well - Health POA, financial POA and regular will.
The amount will depend on what you do, and what the your all agree is fair based on what she would pay someone else (family generally ends up doing it much cheaper, but it's a guideline that can save you trouble on the other end.)
The amount will depend on what you do, and what the your all agree is fair based on what she would pay someone else (family generally ends up doing it much cheaper, but it's a guideline that can save you trouble on the other end.)
Take care of yourself, too.
Carol