Follow
Share

My mother recently passed. I always handled all of her affairs as well as my step-dad, since she started declining, about 10+ years ago. They always offered to compensate and I always declined.  Now that Mom has passed, my step-Dad, whom I love dearly, is again insisting to give me something for my efforts. Dad lives in assisted living. I handle all of his finances. He still owns a home and I pay the property taxes, the utilities (my step-brother lives there for free and is indigent), and any maintenance required.  I handle all of his medical payments and I drive him to appointments since he is unable to drive.   I lunch or have dinner with him regularly, at least 2-3 times per week and call him daily.  I am his primary contact for everything and I have held his POA and POAH for years now.  I am the executor of his estate once he passes. He saves his mail for me and we go through it regularly and I handle anything that comes up. I co-own his bank accounts and credit card and pay anything that needs paying.  Dad is a proud man and wants to pay me something and now that Mom has passed I am willing to accept but I want to be fair and don't want to be accused of taking advantage. His 2 sons are both unwilling and unable to help him - they are his the sole beneficiaries of his estate.  I am not poor but any small amount would be helpful. What is a reasonable amount for the administrative services I provide that we both could feel good about and would not raise any eyebrows?

This question has been closed for answers. Ask a New Question.
Co-owning his bank accounts means that his money would automatically go to you upon his death. This does not sound good when you have his sons to consider.
Helpful Answer (0)
Report

OH and do not co-own bank accounts. Be a listed as a signer on the accounts. As per the Guardian manual.
Helpful Answer (0)
Report

Get a guardian's manual from your county or state probate court. See what compensation they consider fair and equitable. Then do a written contract with the help of an attorney. Issue a 1099 for the compensation as contracted, declare the income and pay taxes on it. Without a written agreement, Medicaid will call it gifting and you have to pay it back.
Helpful Answer (0)
Report

First, there is often a clause in a financial POA which prohibits you from receiving compensation for fulfilling your duties. Also, I'm not certain that payment for your financial oversight would be honoured as a legitimate expense should he ever need to apply for medicaid, so you should definitely consult with an elder law attorney. They would also be able to give you a pretty good idea what an outsider would charge for such a service.
Helpful Answer (1)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter