I am going to work with our attorney to revise a will for my uncle. He wants to compensate one of his children who steps up to be his care-giver (takes care of him whether that be in person or with help of a nursing home and also manages all of his financial matters involving his property). I want to know if there are any published standards for compensation of the care-giver or if there is a suggested percentage the care-giver should receive from the remaining estate assets before it is divided out.
I hope that Uncle is also providing compensation in the here-and-now, and not making the caregiver wait until the will is read. It is wonderful to provide an extra reward to the caregiver out of the estate (assuming there is any estate left), but there should be monetary recognition for a difficult and important job as it is being performed.
Carol
For the property management, lots of Realtors do this and the rates are based on what the rental's go for with them getting a 10 - 15 % of the rental as well as being the Realtor on any and all current and perhaps even a set # of years future property sales if it's anticipated to be that type of estate. I'd talk with a couple of management companies to see what system and pay is done in your area.
Whatever the case, they need to keep meticulous records as to time spent on uncle and his health care needs and real estate needs and someone needs to approve and pay them, like an attorney.
If the child who might be the one doing this has income issues, then speak with the attorney about creating a LLC or Inc for them for doing these tasks under the business umbrella of the LLC or INC. Uncle would pay the LLC for his care and property management. This could be really good if later on, years from now there is any family friction along the lines of "but he paid you $$$ already" rant.
Your uncle sounds like a rare gem, can we clone him?