My dad had a stroke last year and has been in a skilled nursing home ever since. I live 3000 miles away, and have for 40 years, so my sibling is taking care of my father’s estate and care. He attends the virtual doctors appointments, fields all the calls, transport for live appointments and care of his home. My dad has a financial advisor and accountant who oversee his financials. My sibling has POA. I go home every couple of months now to see my dad and help where I can. I want to compensate my sibling for all the time spent helping our dad since I feel there isn’t much I can do living so far away. But how does one calculate a fair amount?
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It is crucial to get things right.
For instance, saying "shared living expenses" for help with mortgage or rental is not counted taxable while "rental" is.
Get it done right; costs money. Costs money because it SAVES money.
I just feel it's out of balance and want my brother to know I appreciate his efforts. Of course, it has lessened now that the crisis part is over, but it's always in play. I didn't know if there was some formula for "what fair is".
Appreciate the advise.
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Call Dads accountant. Ask him what it feels would be a good amount.
He is looking to pay brother for other services, not POA duties. IME, this is vastly different than the fiduciary responsibilities covered under POA laws and why people become slaves when given POA, they misunderstand their actual duties and being a personal assistant is not one of them on any POA I have ever seen.
I want to say, thank you for seeing your brother and what he is doing! Well done, keep up the good work!