How should salary be determined when being a caregiver for one parent?
Mom has substantial income, and a Trust that will be split equally between five siblings even though I am the one doing all the care and leaving my job. Other than hours spent how do you determine what the right salary should be?
Since your mom has substantial income, I would think this could be a family decision. However, if that income isn't substantial enough to pay her way for years of care - meaning if she could even need Medicaid - there may be limitations.
Either way, I'd suggest going through an elder care attorney to determine the amount paid as well as whether or not you need to pay taxes, etc.
I know that just paying for hours spent doesn't come close to compensating you for leaving a job. You will be losing Social Security among other things. Take that into consideration when you make your decision.
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Either way, I'd suggest going through an elder care attorney to determine the amount paid as well as whether or not you need to pay taxes, etc.
I know that just paying for hours spent doesn't come close to compensating you for leaving a job. You will be losing Social Security among other things. Take that into consideration when you make your decision.
Good luck,
Carol