For a number of years, I have been managing my mother-in-law’s finances: investments, taxes, bills, setting up a trust, etc. This involves a great amount of time. My mother-in-law has named her adult children as her beneficiaries. If my wife predeceases my mother-in-law, I won’t benefit from the estate. My question: Am I allowed some/any compensation for my past, current and future efforts managing these affairs? Note: My wife and I are trustees on the trust and co-executors on the will.
I’ll tackle the particulars in a moment. (The short answer: Yes and no.) But there’s a larger issue here, which is the potential financial strain on caregivers of all stripes.