My soulmate and I just purchased a home (not legally married) and my father is a stroke victim that can’t take care of himself. My sister and I are co-POAs. My brother has been and will be taking care of him under our roof as co-caregiver, with me. We all get along and want to make it as seamless as possible to not upset IRS by paying rent and fees to my brother and I for caregiving. If we can't take care of our dad and he needs to be placed in a home, how do we avoid penalties with Medicaid? He makes $2,300 a month and I want to have it divided evenly with everybody’s needs met and plan for whatever may come along to be flexible with what-ifs. Is it best to have an understood plan with family members or do we need to have all kinds of legalities involved? Thanks, any input would be helpful.
An attorney can also help you avoid a whole lot of expense by having you set up things not as "rental" but as shared living costs, and etc, which are not taxable as rental IS.
Do see an attorney for help. You will be so glad that you did. And it is absolutely FINE For you to pay your Dad's cost to WHOMEVER and WHATEVER they are, and you only obligation is meticulous RECORDS of all costs.
An elder law attorney can also help you to devise an ironclad careplan and care contract that stipullates expenditures.
To find an Elder Law Attorney in your area, scroll down to the bottom of this page. Click on "Elder Law Attorneys". Put in the city/state where you live. You will get a list of the such Attorneys in your area. Hope this helps.