smart spending

5 ways to find cash for caregivers

Is a will the way?
6 of 6
Is a will the way?

When a parent wants to provide a paycheck out of his or her current funds, it may seem like a good idea to adjust his or her will so that a child who provided care receives a larger portion of the estate.

But Kaplan says problems loom with this approach. Siblings who were unaware of the arrangement may challenge the will in court. And, with a legal challenge to the will, the Internal Revenue Service may be alerted that a portion of the estate is compensation for services and come looking for the tax due, he says.

So that other siblings don't have a nasty surprise, they should be alerted to the will's provisions, Kaplan says.




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