mom had a stroke and an above knee amputation,she also has Alzheimer's and is starting to show signs of dementia,she needs total care. dad has diabetes,and terminal liver cancer. he can still do a lot of things himself.. i moved in to help them, but i was still able to work myself at that point, but now its become 24/7. i don't want to sound ungrateful for all they have done for me in the past, but i still have to try and make a living to right?
7 Answers
Helpful Newest
First Oldest
First
It also depends on what your parents can afford. Do they have assets? What is their income? Of course an agency isn't going to base it on what they can afford, but I think most children would take that into account.
Do you have siblings? For one child to give up a career and social life to devote full time to the parents for little or no pay while the parents save their money to pass on to the kids who didn't help is extremely unfair, in my opinion.
When you come up with an amount, go with Dad to a lawyer and have a formal contract drawn up. This is so any family members will know what's what, and also to ensure that Medicaid, should it ever be needed, will not consider the amount a "gift."
If Dad is reluctant to pay you for the care, then perhaps you'll have to say, "I really and truly wish I were independently wealthy and I could do this without consideration of my own financial needs. But I am not. So I'm afraid I will have to look for full-time work." At that point you can give him your research results so that he can decide how he is going to get his and Mom's care needs met.
ADVERTISEMENT
You are a loving daughter. I think about all the caregivers out there who have given up their careers, home, life to care for a parent(s) and I think, once they pass away or have to move to a nursing home, where does that leave the surviving caregiver? The property - home may have to be sold to pay for the facility, this can go very quickly $12K or more a month! So if you multiply that by 3 years -- it pretty much eats up the estate. Where does that leave you? They may be faced with 30 years or more to rebuild and its not easy getting back into the workforce to a job that has benefits; plus it leaves little time for them to build their own nest egg. If there isn't much if any left in the estate; it will be struggle.
I don't mean to be a downer; but I'm seeing more and more families where parents have saved all their lives and think that the $500K or so in their savings+property will be more than enough to pass down -- then something happens, stroke, dementia, AL where these diseases can have the parent lingering for several years yet needing 24/7 care and it goes very quickly. I just went through with my mother and the in-home care was $14K per month (at $20/hr); and we still had to pay for the household expenses to keep the house, food, utilities, insurance, going... Thats $168K per year! My mom is 90 - great shape physically (she could live to 100 or more) but mentally can't care for herself. Even with her estate; she would eventually be on Medicare. She doesn't want to go into a memory care; but that would only be $4500/mo.
Some food for thought...Good Luck.
Make sure you discuss your plan with your sibs so that there is no resentment once this is in place. Understand the terms, whether you get property, stay in the house following them moving to AL or dying, etc.
Once you agree on terms; have agreement formally drawn up with the attorney. I've been quoted "live in care" with two week vacation (relief worker) was about $6800/month -- but that is full time care, assistance, household.
Might sound good -- but keep in mind this is a lot of responsibility, emotionally and physically demanding and will continue to get worse. Are you up to the task? Are you willing to give up your life for this?
Better option is to pay someone else for this, you be the daughter and make a living doing something you love where you can set boundaries, turn over the day to day care to someone else and just spend quality time with your folks.