Primary Caregivers and Detailed Financial Records

Greenwald Gerke


December 29, 2020

Primary Caregivers: Why to Keep Detailed Financial Records

Becoming a primary caregiver is not something that happens overnight. Little by little, your aging loved one needs more help. Soon, you can find yourself running errands, grocery shopping, and paying the monthly bills for your loved one. Here are some reasons why you should keep a detailed account of all of your personal money and loved one’s money that is spent while being a caregiver: 

  1. Caregiver Tax Credit: Did you know there is a caregiver tax credit? When you keep track of all the money that you have spent, you may qualify for a tax credit. Think about the money spent on gas from running to the grocery store, taking your loved one to doctor’s appointments, and picking up prescriptions. Keep a detailed account and meet with your CPA to find out what benefits are available to you. 
  2. Medicaid Requirements: When your loved one applies for Medicaid, their financial records need to be in order. If there is a missing chunk of money each month that is unaccounted for, that may disqualify them from being approved for Medicaid. Each time your loved one hands you a check or cash to run to the grocery store, write it down. 
  3. Protect Yourself from Accusations: As your loved one grows older, they may develop dementia, and you could be caught in a sticky situation where you’re accused of stealing money. Unfortunately, it is common for family members to steal from their elderly loved ones. You want to be sure you are ready to show your records and prove that all financials are accounted for. 
  4. Answer Questions from Family Members: Not every family member is involved in the day-to-day financials of your elderly loved one. They may have well-meaning questions on what your financial system looks like. It will bring you both great comfort to be able to confidently answer all of the questions and be prepared with documentation. 
At Greenwald & Gerke, our experts will help you make your golden years the best years of your life. We are working around the clock to honor the seniors in our lives and promote others to do the same. Give yourself a gift this holiday season and call us today: (844) 782-9674
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Greenwald Gerke

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Greenwald Gerke

Greenwald & Gerke Realty Team


12860 El Camino Real Suite #100

San Diego, CA 92130

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