I agree with igloo and NHWM. The odds are that he will eventually need expensive care or medical attention which will drain his resources and you will never get a penny. The avg senior spends the vast majority of their retirement savings in the last 18 months of their lives (I think like 80%). He should definitely be paying you now, with a written agreement so that if he ever needs Medicaid he won't be denied for "gifting" money to you. You may want to invest in a 2-hr consult with an elder law/state planning attorney so that you both can create a solid legal arrangement that won't have any ugly "surprises" in the future. Every state is different so you need to know what the laws are in your state. You won't be sorry you spent the money on good, professional counsel.
He should be paying you now & done thru some type of personal care agreement / contract with taxes, withholding done. So all legit legally and for IRS reporting.
Doing this as an after death, is, to me, flat too too risky to be assured of becoming a beneficiary, or ever inheriting $.
The hard reality of aging in America, is that it’s super expensive AND caregivers will run out of ability to provide all care needs till forever. Maybe right now they need a bit of help with maintaining home, shopping, medication management, so it’s all ok. But 1 serious fall or couple years down the road in dementia, their care will get beyond your ability. So it’s then a move to a facility. Facility anywhere from 5k - 18k a month. That nest egg of savings will likely all get spent.
If they have ton of $ (500k-700k+ imho), their $ likely will outlive their $ & yeah you’ll get an inheritance. Folks in that situation have legal done for Trusts, outside of probate beneficiary designation. That’s probably not your parent, is it? I’m not saying this to be snarky. Most elderly only source of income is SS$ (avg $1200 mo) & only asset is their old home. They are likely to use both to pay for care in a facility. They can keep their home - but if they go onto Medicaid, you or other family will need to pay all costs on that place and then eventually deal with estate recovery (MERP) issues on that property. It can be done, but it’s like having a 2nd or 3rd home to pay & do for by the heirs and for an unknown period of time. really meet with an elder law atty to look at your folks financial situation and get a caregiver agreement contract done now.
Have you spoken to him about this?
Doing this as an after death, is, to me, flat too too risky to be assured of becoming a beneficiary, or ever inheriting $.
The hard reality of aging in America, is that it’s super expensive AND caregivers will run out of ability to provide all care needs till forever. Maybe right now they need a bit of help with maintaining home, shopping, medication management, so it’s all ok. But 1 serious fall or couple years down the road in dementia, their care will get beyond your ability. So it’s then a move to a facility. Facility anywhere from 5k - 18k a month. That nest egg of savings will likely all get spent.
If they have ton of $ (500k-700k+ imho), their $ likely will outlive their $ & yeah you’ll get an inheritance. Folks in that situation have legal done for Trusts, outside of probate beneficiary designation.
That’s probably not your parent, is it? I’m not saying this to be snarky. Most elderly only source of income is SS$ (avg $1200 mo) & only asset is their old home. They are likely to use both to pay for care in a facility. They can keep their home - but if they go onto Medicaid, you or other family will need to pay all costs on that place and then eventually deal with estate recovery (MERP) issues on that property. It can be done, but it’s like having a 2nd or 3rd home to pay & do for by the heirs and for an unknown period of time.
really meet with an elder law atty to look at your folks financial situation and get a caregiver agreement contract done now.