As we grow older many of us will need more and more assistance. Once you choose your caregiver you need to think about setting up an agreement to compensate them for their services. Using a Personal Care Agreement or Care Contract is a great way to do this. Using a Care Contract allows you to make sure the person providing the care is being compensated for their time and efforts. It also helps you to be able to transfer assets to the next generation without violating gifting rules or Medicaid rules.
As individuals look to the future and the possibility of needing nursing home care, the cost can be overwhelming. Using a Care Contract can help preserve assets and ensure that the things you have worked for your entire life are not given to strangers but rather preserved for the next generation. Using a Care Contract early can help to preserve more assets and provide better and more effective care.
If you want to learn more or see how to set this up, call us, the Legacy Law Group, at 419-872-7670 to talk to one of our attorneys about your options.