ShAARP Session: Observations from AARP

There is an interesting story on WSJ.com today called "Getting Paid to Take Care of Mom and Dad." It talks all about an alternative to the feuds that can arise when it comes to unequal inheritances - that is, leaving more to children who have taken on significant caregiving duties. Sounds kind of ugly, right?

How about this: entering into a formal "caregiving contract" with your child is a way to "reward" family members who take on the responsibility of caregiving. The article cites a study from AARP and the National Alliance of Caregiving that says that on average, caregivers provide more than 20 hours of care a week; and the average length of time spent providing care is 4.3 years. Multiply that by the estimated quarter of the adult population in the U.S. providing care to an elderly loved one...and those hours really add up! It might make sense for those individuals to open such a "caregiving contract" and make a modest salary for the time and dedication they put into caring for their loved one.

Could still be an uncomfortable situation...for both the parent paying the child, the child accepting money from the parent, and/or the sibling who isn't able or willing to take on the caregiving responsibilities. What do you think?