Looking for examples of drafting a personal care contract using a small interest in real estate as payment. Value is worth about $25,000. It’s a shared interest in a condo, I already own half and my mother owns the other half. No mortgage. I will be providing services to her in exchange for her transferring her interest in the condo to me. Just having trouble determining how to draft this as the transfer is not an ongoing payment the deed will be signed/recorded and then transferred. So considered a lump sum payment I guess? Is payment at the end of services or in the middle? Any assistance appreciated. Thank you.
You can contact your state bar association or county bar association and for a small fee, 50.00 where I live, and get an initial consultation. Research your states statutes to see what the law says about this to formulate questions for that meeting. This can help you aquire the information you need to do this legally.
I assume you want this in the event she needs long term care Medicaid, facility placement. If it is only community medicaid, which means she gets care in home, find out what their MERP is or isn't. You may be able to do a Quit Claim Deed if it is community based care.
This is why an attorney is required.
This website may be helpful:
https://www.caregiver.org/resource/personal-care-agreements/
- Careful estimation of the elder's life expectancy (using actuarial tables), services to be provided, reasonable hourly rate, etc., to come to the "what they pay me" side
- A professional home appraisal to lock down the actual value of the property to be transferred
- Transfer as an up-front lump sum
- Note, use a more comprehensive source of ADLs that includes financial management etc. as a personal service to capture all of the time/services you anticipate providing, vs. just hands-on care.
Best of luck :)
This is a question for an attorney.
Wishing you best of luck.