Many new terms associated with the modern family have entered the language in the past few decades. 'Sandwich Generation', 'Single parents' and 'Empty Nesters' are some well known ones.
New names for generational cohorts have also become widely used. There are 'WWII-Depression'; 'Baby Boomers'; 'Echo Boomers'; 'Millenial' and; 'X,Y & Z' generations. These descriptions pretty much cover us all.
Not that long ago, when the kids left home it was usually for good. Parents wouldn’t be expected to live much beyond retirement age, or 65, and very few people lived long enough to see their great grand children.
With people living longer, healthier lives, suddenly, or so it seemed, adult children found they were increasingly involved with caring for aging parents whilst maybe still raising their own children
Turbulent economic times meant that children who had left home would be returning to seek support from parents. Conversely, turmoil in the markets since the financial meltdown and historically low interest rates may mean parents relying on their kids more in the future.
The traditional household has largely been replaced by a variety of models comprising co-existing generations with a wide range of values and beliefs.
unusual, these days, to have four generations interacting as a close group. When
people re-marry or live in a common law partnership this can add even more
complexity. Totally new relationships within the group can present unknown
In many cases a lot more thought will need to be put into financial and estate planning considerations than was the case, say, thirty years ago.
For example, tax laws apply equally to common law and married couples. With other legal matters, however, that is not always the case. This may result in problems with property distribution.
This is can become a complicated and involved area, especially when there are people from both sides of a new partnership living under the same roof.
As with all pages on this site, this material can be no substitute for appropriate professional advice. The articles below address some of these issues.
Care giving can be deceptive like hydrogen sulfide
Tasks to perform after a death in the family
Joint ownership with adult children
Becoming a care-giver can happen suddenly
Link to list of articles
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