Marvin Setty Richard G Waldron Grand Marshals selected for West Union Fourth of July Parade Adams County, Maysville Vet team up to save injured dog Michael S Knauff Victor P Price Success builds from the bottom up Finalists named for 2017 Fair Queen Contest William Glenn DeWine, Reader Call For Tips in Rhoden Murder Investigation MHS principal to take superintendent post Peebles Skate Park now a reality 2017-18 Fur and Feather Ambassadors named Caley Grooms is Cattlemen’s Beef Ambassador Dr. Mueller leaving Health Department’s free clinic Hourglass Quilt Barn returning to Adams County Lung, Thornburg are First Team All-District selections North Adams hosts annual Boys Basketball Camps Walk-off winner Wanda Hill George D Johnson Life can be a juggling act My favorite thing to do on the farm Wolves in Adams County! Ronald L Wedmore Three lessons from Dad Donald D Morgan Wenstrup uninjured in Virginia shooting Portman staff to hold grant funding workshop Raymond E Applegate Keeping the Peebles tradition alive Back on the hardwood, local hoops squads compete in Monday Night League Seven county athletes recognized as All-SHAC Baseball honorees Stepping to the podium Lady Hounds host Youth Volleyball Camp Senior Profile: Bryan Young Junior Deputy Boot Camps kick off in Manchester Hayes pleads “not guilty” to 109 counts Six-year-old girl finds long-lost class ring Jefferson Alumni awards annual scholarships Paul Tate Jr Marcus I Cox Jewell Gill James M Hill Jr Jeffrey S Jones Samuel A Disher Jack Sterling BREAKING NEWS: Parents face charges after son overdoses on opiate License Hikes and Tall Turkey Tales Danger under every rock Reigning Miss Ohio USA will judge 2017 Adams County Fair Queen Pageant Gordley’s hoops career will continue at Mount St. Joseph Russell C Newman Kenneth C Thurman George Uebel Summer Reading Program underway Honor Flight carries local veteran to DC When rescuers become victims Passing the torch, West Union hosts week-long basketball camp for future Dragons SENIOR PROFILE: Sara Knechtly Terry L Powell Willie Shreffler James C Fitzpatrick Senior Profile: Austin Parks Six countians named to All-SHAC Softball squad Lady Indians get summer camp season underway Memorial Day services pay tribute to local veterans WUHS Steel Band will perform at Bogart’s SSCC announces Honors Lists for spring semester Peebles Elementary releases Honor Roll for final nine weeks West Union Elementary announces Honor Roll for fourth nine weeks Back to State! Mom calls daughter “living proof” seat belts save lives Rent-2-Own donation means new soccer scoreboard at WUHS NAHS student selected for Engineering Summer Camp Southern Hills Athletic Conferences honors Spring Sports athletes Senior Profile: Kailyn Boyd Madison Welch receives Riffle Scholarship Junior Achievement Volunteers visit county’s seventh graders Marcella J Abbott James Ratliff Gladys Davitz Harry G Shupert Memories on Memorial Day A soldier’s story, a family’s grief Thank You for your sacrifice Seaman community honors local veterans with special tribute Former PES teacher dies in tragic accident All County Senior Citizens Day celebrated Parks signs with SSCC Soccer Senior Profile: Lexie Bunn Jessie Rodgers Memorial Day services set for county Truly our greatest generation Bertha Lashley Maia Swartz Jessie Rodgers Errors spell the end of Devils’ baseball season Senior Profile: Carry Hayslip Lady Hounds’ season ends with tourney loss to Paint Valley

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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