WTOB FM/AM Radio in Winston-Salem, NC interviews elder, special needs, and estate planning attorney Vance Parker about how a caregiver agreement allows a senior to transfer assets to a family member who is caring for him or her, in a way allowed by Medicaid. Without a caregiver agreement, if a senior pays a family member for taking care of him or her and Medicaid is later needed to assist with long term care expenses, Medicaid will often penalize such transfers as a gifts. A significant gift transfer penalty or penalties can jeopardize the senior’s ability to receive government help for long term care.
Using a caregiver agreement represents the best way to document senior payments made to a family caregivers in return for care. Such agreements are recognized by Medicaid if drafted and used properly,
Vance talks with WTOB Radio every Tuesday at 4:38 pm, educating the public about elder and special needs law, and estate planning topics.