I am the full time caregiver for my parents who need 24/7 care and supervision. Mom and I have discussed payment for my "services" but I'm not sure what method of payment would be more economical and advantageous for all of us? We've discussed a salary and contract, but my Mom has also expressed interest in giving me a tax free annual gift to equal that same salary amount. Any advice?
On the other hand, the salary (properly documented) would not need to be paid back if she goes on Medicare like the gift would.