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FAQ #23709

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What is a personal service contract as it relates to family caregiving?

Related resource areas: Family Caregiving, Personal Finance

This is a contract between a family caregiver and care receiver. It is used to be able to pay the caregiver from the care receiver's current income and/or the care receiver's estate. This allows the caregiver to be compensated for his or her services, reducing hours of employment, and/or leaving work.

For more information, you may want to order "Protecting Your Retirement and Other Financial Information for Family Caregivers: What Every Adult Child Needs to Know" from: http://www.ahrm.vt.edu/Dept/ext_retirement.html.

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