Whether he is able to get VA A&A $ & he pays you from his A&A$ or he pays you from his SS or other monthly income/retirement, the $ paid to you really has to be reported as income as per IRS rules and there needs to be a personal care contract / agreement done, signed, notarized between you two.
Should in the future his care needs get beyond what you can do, AND dad applies for LTC Medicaid, Medicaid can look at the $ Dad gave you as “gifting” unless there’s a contract and taxes paid. Gifting causes a penalty by # of days placed on his Medicaid eligibility. Medicaid can require a 5 yr look back on his financials.
Also you might want to have a needs assessment done on him to determine the amount of care needed. Your Area on Aging will know of resources to contact to get this done. Your hours of working need to correspond to the assessment with pay tied into community standard payment for that type of work. Like an home health aide gets paid $11.50 hr and his assessment shows he needs 20 hrs help per week, so he can legitimately pay you $230 a week but he / you do need to have FICA, w-9 & w-2 done. Roughly you’d get paid abt $180 wk.
If you are a thinking that your plan is to give up your current job that pays you a decent salary with benefits to go and caregive, really pause to look at how doing this could affect your future financial security.
Should in the future his care needs get beyond what you can do, AND dad applies for LTC Medicaid, Medicaid can look at the $ Dad gave you as “gifting” unless there’s a contract and taxes paid. Gifting causes a penalty by # of days placed on his Medicaid eligibility. Medicaid can require a 5 yr look back on his financials.
Also you might want to have a needs assessment done on him to determine the amount of care needed. Your Area on Aging will know of resources to contact to get this done. Your hours of working need to correspond to the assessment with pay tied into community standard payment for that type of work. Like an home health aide gets paid $11.50 hr and his assessment shows he needs 20 hrs help per week, so he can legitimately pay you $230 a week but he / you do need to have FICA, w-9 & w-2 done. Roughly you’d get paid abt $180 wk.
If you are a thinking that your plan is to give up your current job that pays you a decent salary with benefits to go and caregive, really pause to look at how doing this could affect your future financial security.
Ask about the aid and attendance program.