I am an agent under my mom's power of attorney. Do I have the power to gift money in her place?Read more
Unless your power of attorney form specifically prohibits compensation, agents under a power of attorney are generally entitled to "reasonable" compensation. What is considered reasonable is going to depend on your duties and the area you live in. But it sounds like your duties go far beyond what an agent under a power of attorney would typically be reimbursed for. Usually, the best way to handle compensation for caregiving responsibilities is to agree on a reasonable rate with your mother and create a written caregiver contract. If your mother ever applies for Medicaid, state officials could contend that the payments were intended simply to reduce her assets to qualify for coverage. Before compensating yourself, we strongly recommend you contact an elder law attorney to find out what is allowed in your state and to help draw up a contract. To find an attorney near you, go here: http://www.elderlawanswers.com/elder-law-attorneys. For information about your duties as an agent, click here.