How children can be paid for as a caregiver to their parent(s) – Part IV
This is Part IV of a IV part series of blogs on caregiving contracts to aging parents and children (including adult children) with disabilities.
Taking care of a parent can be a full-time job. Children may have to give up paying jobs in order to provide care to aging parents. Unfortunately, caregiving is usually unpaid work. Parents who want to compensate a child who takes on the burden of caregiving may do so in one of several ways.
Life Insurance Policy. Another option for compensating a caregiver is to take out a life insurance policy in the child’s name. The benefit of this method is that the life insurance policy will go directly to the child, avoiding probate, but the problem is the life insurance policy could be very expensive.
Fredrick P. Niemann, Esq. is a qualified elder law attorney who can help determine the right method to compensate a caregiver family member. You can contact Mr. Niemann by calling (732) 863-9900 or via e-mail at fniemann@hnlawfirm.com.
Tags: caregiver agreements, life insurance, Monmouth County NJ Medicaid attorney; Monmouth County N, NJ life insurance attorney, NJ Medicaid, NJ Medicaid eligibility attorney