Use of home care contracts on the rise

According to Maureen Salamon, Who should pay for mom and dad’s care?, CNN.com, Aug. 20, 2008, the use of home care contracts, especially between parents and children, is on the rise.

Under these arrangements, a child moves in with a parent and provides care.  The child is not paid but instead receives an enhanced share of the parent’s estate when the parent dies.  These arrangements should be carefully documented to reduce the chance of family disputes after the parent dies.

Special thanks to David S. Luber (Attorney at law, Florida Probate Attorney Wills and Estates Law Firm) for bringing this article to my attention.