Do you have siblings? If so, there is bound to be one that will think because you do not have a job that you are mooching off Mom and Dad. Are there resources for your folks to pay you? Caring for one parent is plenty of work caring for two, unbelieveable! I have two to care for (more than three years now) and siblings think me a mooch and even wanted to charge me room and board. And this has had a devastating effect on my finances! Yes, there are resources and payment to me will impact the estate that siblings are concerned about.
If your folks have resources, and want to pay you, get a care agreement in place that is compliant with Medicaid regulations before you receive a dime. After you have cared for them for a period of two years that has kept them out of a nursing home the house can be transferred to you without Medicaid penalty in some states. If you decide you want to do this then also realize that caring for your folks may be the last job you ever have. Most employers do not understand caregiving and look at it as a lapse in employment. Caring for our folks is important work and should be considered carefully. Make sure you get an elder law attorney to assist with the care agreement, powers of attorney, and anything else that may be necessary.
Your parents BOTH have dementia? One adult looking after two dementia patients?
Dementia doesn't get better, it gets worse and eventually one or both of them will need three shifts of care. So, you'll be out of a job and parents will be in a facility, Medicaid will pay for that but will recoup the house in lieu of payment. So you end up with no home, no job, no inheritance. That's VT he short version of the story we hear everyday. Except for the ones where the caregiver dies first. . That happens to 30% of all caregivers. Please don't quit your job.
Have you quit your job? I wouldn't. Your question is asked at least weekly and we never get a very good answer. Up in the search function, put Getting Paid. And read all of the posts about adult children that have moved in with their parents.
One way is for your parents to pay you to be their Caregiver. You will need to draw up a written contract, state the number of hours you would work, how much they will pay you, if they will pay for your health insurance, what days you will have off [if any].... but you would be responsible for paying your own payroll taxes.
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If your folks have resources, and want to pay you, get a care agreement in place that is compliant with Medicaid regulations before you receive a dime. After you have cared for them for a period of two years that has kept them out of a nursing home the house can be transferred to you without Medicaid penalty in some states. If you decide you want to do this then also realize that caring for your folks may be the last job you ever have. Most employers do not understand caregiving and look at it as a lapse in employment. Caring for our folks is important work and should be considered carefully. Make sure you get an elder law attorney to assist with the care agreement, powers of attorney, and anything else that may be necessary.
Dementia doesn't get better, it gets worse and eventually one or both of them will need three shifts of care. So, you'll be out of a job and parents will be in a facility, Medicaid will pay for that but will recoup the house in lieu of payment. So you end up with no home, no job, no inheritance. That's VT he short version of the story we hear everyday. Except for the ones where the caregiver dies first. . That happens to 30% of all caregivers. Please don't quit your job.
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