Due to the sputtering economy, the baby boomer generation approaching retirement age, and the ever increasing life expectancy, multi-generational households are becoming more common than they have been in decades. Due to the need to combine family incomes or in order to take care of an elderly or ill relative, grandparents, parents and children are sharing living space in increasing numbers. According to the Pew Research Center in Washington, D.C., in 2008, 49 million Americans or 16 percent of the population lived in households with at least two adult generations, an increase of 17 percent from 2000. This trend comes with numerous legal implications and issues, some of which are discussed below.
When a parent and adult child choose to live together, numerous elder law and estate planning issues arise. First, Medicaid issues need to be considered. What if a parent contributes money for the child to add an addition to the child’s home for the parent to live in? This could be construed as a gift that might affect parent’s eligibility for Medicaid if this becomes necessary within the next five years. What if parent and … Read More... “ELDER LAW UPDATE: The Legal Implications of Multiple Generations Living Under One Roof”