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Rental Agreement For Elderly Parent

Contract start/duration Date The date on which care begins must be included in the agreement. Remember, this must be a future date; The contract cannot be backdated. It is also important to include the duration of the agreement. This can be short-term, as only a few years, or for the life of the individual. If other interested parties or family members are concerned that the payments are made by the parent to the adult child, the rental agreement contains a written statement for each payment and proof that the payments are not intended as a gift to the child. It also avoids family conflicts that can occur between siblings or other family members. Once you have agreed on a price, establish a routine payment plan and divide everything into a written document that you both sign. Of course, this sounds really formal, but it can help protect both you and your parents in the long run. Not being aware of the rules in the state you are in.

For example, some states require that the signed agreement be authenticated by notaries, and some states do not allow a lump sum payment for services. In most cases, personal care arrangements are made between an aging parent and an adult child. But these contracts are also created for grandchildren who care for grandparents, nieces and nephews who care for aunts and uncles, and siblings. While this type of contract usually exists between two family members, the caregiver does not need to be associated with the beneficiary. On the contrary, the patient could be a close friend or a private caregiver. If you and your parents agree that they pay rent, you are talking about a fair price. They should not ask for more than it would cost them to receive professional care. Home care and the cost of living independently are the most cost-effective options for seniors and can range from 2 to 3k on average. This figure doubles with retirement homes. A qualified senior legal lawyer can help prepare a valid rental or real estate contract that meets ALTCS requirements and best loyalty practices. An accountant should be consulted on the tax consequences of rent paid to the adult child.

If your elderly relative moves in with you, call our office to discuss your options. All tasks and duties expected of the caregiver must be included in the personal care contract. For example, the caregiver could be expected to prepare a light house cleaning, laundry, meals, food purchases, daily activities assistance, and transportation services to medical appointments and social activities.

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