Sharon G Wright Lottie J Meade June R Williams Lions and Cowboys and no Bengals, thankfully Senior Profile: Tyler Horsley North Adams sweeps Manchester Cheer Championships Indians face tough test in first pre-season scrimmage Senior Profile: Abby Faulkner Seas reflects on second state tournament experience NA’s Harper signs to continue hoops career at Rio Grande Hendrickson named Assistant Coach of the Year in Division III girls soccer Take the hint, it’s Thanksgiving time again Small Business Saturday in Adams County Art Council’s newest production will have you ‘laughing through your tears’ North Adams students working to help the homeless Grateful Richard A Graham #SawyerStrong Billy L Smalley Wenstrup announces re-election campaign Delta Dental provides two local schools with new drinking fountains Ernie McFarland honored by Ohio Bankers League Veterans Day parade, ceremony held in West Union Adams County schools celebrate Veterans Day Being the change November: As Mr. Seas it Protecting Ohio seniors from rising healthcare costs It’s November-have some soup and pie SHAC Boys Preview is Nov. 24 at Peebles June Hall Alice B Himes Claudia U Mitchell TRAFFIC ALERT: SR 41 restrictions set for Saturday Jewell Foster Senior Profile: Nicholas Fish SHAC Girls Preview set for Nov. 17 Senior Profile: Lakyn Hupp Again, Lady Devils ousted in district finals ‘Lighting the Serpent’ event is being discontinued Voters favor incumbents at the ballot Arts Council dedicates Buzzardroost Rock mural Heroes in disguise Fighting for future generations in OH2 A few puffs of smoke, and a happy ending Lois Wilson Helen M Hesler Jerry L Dickson Ohio’s Traditional Deer-Gun Hunting Season begins Nov. 27 WWII veteran honored in banner raising ceremony Veteran of three wars honored for volunteer work Charlotte Evans Jason A Barr Why we celebrate Manchester man killed in single-car accident Adams County Election Results – 2017 Hubert Knauff To keep or not to keep Time again for the changing of the seasons November proclaimed as Adoption Recognition and Recruitment Month Local business is seven decades old and counting Local student gets Nashville call Senior Profile: Gabe Grooms Lady Indians fall in districts Quest For The Cup complete for Dragons Meeting a true sports hero WU’s McCarty named District Player of the Year With regional run, Pennywitt completes memorable career West Union eighth grade volleyball finishes as SHAC runner-up Senior Profile: Tray Brand Greyhounds drop home finale, finish at 4-6 Lady Devils fall in district semis Devils go down in district finals Matt Seas headed back to State XC Meet Senior Profile: Charlee Louden Lady Indians ousted in sectional final Lady Devils down Minford 4-1 in district semis North Adams volleyball claims fourth consecutive sectional crown Senior Profile: Brooklyn Howlett Afterschool fun begins at NAES Wearing it pink in October Kenneth L Austin Jay E Minnich Reuben E Hershberger Bobby L Williams 18 years just isn’t long enough Emotional, historic, and victorious Taking action against addiction Utilities commission approves DP&L electric security plan What matters and what doesn’t Oh dear, is that a deer? Junior Gaffin Charlotte J Thatcher Matthew D Miller Megan R Phillips Ralph M Swearingen Linda C Ackley Robert Ralston Shelly Seaman Increased access to treatment, Improving economic opportunity keys to combating Ohio’s Opioid Crisis Seas siblings are again SHAC Cross-Country Champions

Money management for the ‘Boomerang’ household

Due to recent economic realities, multi-generational living has been on the rise for many families.

A 2014 Pew Research Center analysis (http://www.pewsocialtrends.org/2014/07/17/in-post-recession-era-young-adults-drive-continuing-rise-in-multi-generational-living/) showed that a record 57 million Americans, equal to a little over 18 percent of the U.S. population, lived in multi-generational family households in 2012 – double the number in 1980. The major driver was young adults aged 25-34. According to Pew, nearly 24 percent of these older millennials lived in multi-generational households, increased from nearly 19 percent in 2007 and 11 percent in 1980.

It’s possible the “boomerang” family trend will remain in place for some time to come. For homeowner parents who may also be juggling the “sandwich” responsibilities of caring for older relatives, paying attention to the financial and behavioral details of taking in family is critical. Here are some suggestions to consider:

Your finances come first. Operating a full house means higher utility and food costs and additional wear and tear on the property. Taking in family also shouldn’t derail a parent’s career goals or retirement planning, nor should it diminish other necessary financial objectives like maximizing savings or eliminating debt. That’s why dual- or single-parent households might begin with a complete financial assessment before welcoming kids or elders back home. A discussion with qualified financial and tax advisors might be worthwhile to determine how much expense you can take on. For arrangements that go beyond free lodging to direct cash support of family members, gift tax issues should be explored.

Make a real agreement. A home is stability and therefore something of significant value. That is why it is appropriate to consider rent or request in-kind services in exchange for room and board. Young adults – particularly those who were fully under parental support in college – need to learn this important lesson even if they are moving home to save money to pay off loans, to buy a car or put a down payment on a home. Ask trusted advisors about what makes sense in your situation. If you decide to accept rent, know there are potential tax issues (http://www.irs.gov/taxtopics/tc415.html) based on the structure, timeframe and expenses related to such an agreement. Legal paperwork may be required, but there also may be rental expenses you can deduct.

Establish timelines. In the real world, financial arrangements are rarely open-ended. Depending on the financial, tax and legal advice you receive as well as local tenant law and personal preferences, you may be signing an official lease for your family member’s stay with a specific timeline of months or years. Whatever the requirements, make sure you have an effective framework that sets specific financial and behavioral rules you want met.

Start with a family meeting. Before moving trucks arrive, family members should meet for a discussion about the impending move. Start by letting your child or family member talk through why they want to move in, whether they have financial goals tied to the living arrangement and how long they plan to stay. Share the structure you envision, including the payment details you would consider. No matter how agreement is struck, it should begin with a full discussion of needs, preferences, financial terms, and most of all, ways to make the arrangement successful and smooth. Once the move happens, regular conversations should continue about the living arrangement. After all, boomerang families have unique, ongoing financial issues that will require discussion.

Prepare to track expenses. Once agreed, retrofit your household budget to keep track of higher food, utility and related expenses for cost-sharing and potential tax purposes. Having people you love living with you will hopefully have many rewards that go beyond simple dollars, but always know what the arrangement is costing you.

Bottom line: Opening your home to returning family members is a real financial commitment. Think through money, tax and household issues before you say yes.

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