My first question. Nice to find a place to ask others what to do!
Here's a little background info. My father now 90, had a Hemorrhagic stroke 14 months ago, went to a SNF after being in the hospital for almost a month and then home to hospice. He graduated from Hospice but he's now disabled and depends and on my 92 yr old mom who doesn't drive and has some dementia also. We live in Sonoma County and he's a Vet. I'm married and we live in seperate homes just a few miles from each other.
I'm older and am having a hard time finding work in my area if IT in wine country and have bills to pay and my emergency savings are draining. My parents have been giving me some $ for helping them and say they don't know what they'd do without me. They say this is also for doing things over the years to help them as they've never given me anything before and noted they've helped with a sister and her family and given her much more so they wanted to show their appreciation in helping them. I never asked for $ or suggested it. I care for them because it's the right thing to do and I work almost every day trying to maneuver through all the various programs available, reading and finding resources takes a huge amount of time! I'm their main support conduit and this gets complex, at least in my mind as does driving them.
I don't believe any of the $ they've given me is or should be taxable as they've said it was of their own doing.
This is where I need help!
After a recent visit to the VA clinic and speaking to a social worker it was suggested they write a contract up for my efforts that legitimizes monthly payment to me and then the VA can deduct that payment from their income allowing the VA to pay them for the Veterans' Aide and Attendance Benefit. I think doing this will cause me to pay taxes on the contractual amount raising my income some and also affecting other things such as my subsidized healthcare costs.
Doing anything without enough info could have negative consequences.
What have any of you experienced?