Economic Downturn, Closer Families

With rising lifespans, decreased income as a result of the recession, and other factors, more and more American households now contain multiple generations of family members. Between 2000 and 2010, the number of American households with multigenerational members rose from 4.2 million to 5.1 million, according to data from the census. This rise in extended family living situations reverses the trend that had been going on since at least the 1960s.

Though many people find the idea of living with extended family members in the same household to be difficult, those living in such situations often find that it conveys significant benefits. Families with young children, for example, often express relief in knowing that their children will be cared for if the parents have to leave or cannot be present all the time.

For elderly family members, living with extended family can have significant benefits. Elderly people are often at risk for becoming victimized by financial scams or cons, especially when they do not have support or live in an isolated environment. Living with family members can provide a good safety net to protect against various forms of financial elder abuse.

Elderly people also gain significant health benefits from regular contact with others. Regular social interaction can help delay the onset of dementia, Alzheimer’s disease, and other significant medical problems. Also, families can save a lot of money when an elderly person chooses to live with children or grandchildren instead of transferring to a nursing care facility.

Author Bio

Catherine Hammond is the CEO and founder of Hammond Law Group, a Colorado-based estate planning law firm she founded in 2005. With a strong focus on protecting families from the legal consequences of disability and death, she creates comprehensive estate plans that minimize taxes, costs, and government interference.

A native of Denver, Catherine completed her undergraduate studies at Coe College in Iowa, and her Juris Doctorate from the University of Denver College of Law in 1993, concentrating on estate planning, tax, and mediation. Catherine is a member of various professional organizations, including WealthCounsel, ElderCounsel, the National Academy of Elder Law Attorneys, the Colorado Springs Estate Planning Council, and the Purposeful Planning Institute. Beyond her legal expertise, Catherine provides transformational coaching to support clients and their families through life transitions.

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