One professor of law says that by formalizing home care arrangements for a loved one, adult children and others invested in the care of aging family members may be able to save some money and headaches as well.
Even for family members who may opt to provide some services themselves, Richard L. Kaplan, law professor at the University of Illionois, the proper legal wording may ensure that government support is maintained through Medicaid regulations, according to the university’s news bureau.
"The biggest motivator for these agreements is the transfer of assets penalty, and that will only grow if the Obama administration implements its proposal to expand the look-back period from five to seven years," said Kaplan in talking about the fact that handing down things like cars or homes can limit the amount of Medicaid coverage for those in an assisted living facility or other situation.
By formalizing the arrangements, adult children who may be increasingly further from home can ensure that time and energy is spent not figuring out federal codes or tax concerns, but providing home care without the questions that may come from informal agreements.
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