Aging parents and their children are entering into legal agreements, “caregiver agreements,” in order to compensate children who are providing caregiving services.

Millions of Americans are now caring for their aging parents. Aging parents and their caregiving children are in difficult financial economic times. Consequently, the aging parents and their children are entering into legal agreements, “caregiver agreements,” in order to compensate children who are providing caregiving services.

In preparing these caregiving agreements, families should consider the following:

What types of services are being performed? Therefore, define the duties and responsibilities, of the parent and caregiving children

How much compensation shall be paid to the caregiver? What services are being performed? What is reasonable compensation?

Have all family members involved in the contractual process. Because, what respite times are available for the caregiving children, who will look after the parents, when they are gone on vacation, or weekend relief? After the parents have moved to an assisted living or nursing home facilities, or pass away, the funds received should not be viewed as an inheritance, but rather as compensation for services rendered. However, this is not always the case. As some sibling’s quarrel, that the caregiving child received more money than the other children.