More Boomers Stuck Raising Kids Kids

Baby Boomers are raising their grand-kids, reported SecondAct.com earlier this year.  While it may not come as a big surprise given the difficult economic times,one  can't help but wonder what else may be going on?  For one, there are 76 million Baby Boomers in general.  Second, Baby Boomers have been referred to as the "Sandwich Generation" because they care for their parents and their own kids...and now many are faced with the task of a third responsibility? 

Other factors at play: According to a social worker cited by SecondAct, the factors include:

• a decline in the number of traditional foster parents;
• an increase in the number of reports of child abuse/neglect due to various factors like parental substance abuse, mental illness and incarceration; and 
• death or deployment of a parent

"The number of children living in a grandparent's home has increased significantly over the past decade, according to 2010 data from the U.S. Census Bureau. The report showed that 4.9 million children  under the age of 18 (7 percent) live in grandparent-headed households -- an increase from 4.5 million 10 years ago."

When asked about the special challenges older Boomers might face, one social worker had this to say:

"More than 1 in 4 of these older parents have a disability and may be unable to attend to their own medical needs due to lack of child care, respite care or adequate health insurance. They are frequently stressed at a time in their lives when they did not expect to care for children." 

Read More Here 

Remember,  if you have one or more children at home under the age of 18,  you really need a Child Protection Plan. Without such a plan, if you are killed or incapacitated in an accident, the police will typically show up at the house to notify family. But if the police find your kids home alone, or with a babysitter, they will have no choice but to call in Child Protective Services and have your kids removed from your home until the system can figure out what to do, and that may take weeks or even months.

Important Planning Considerations for Seniors and Families with Special Needs Children Evan H. Farr on Google +

3 tips to talk to your parents about long-term care

1 - Explain that Elder Law attorneys are not “regular” lawyers

Elder Law attorneys have deliberately selected a career in a specialized area of law to serve elders.  Moreover,  the client of an Elder Law attorney is the elder.  Not the children.  An inheritance is nice – and usually a much larger inheritance is a by-product of the plan devised by an excellent Elder Law attorney – but the inheritance is not the focus of ethical planning.  The client’s quality and dignity of life should always remain priority #1

2 - Gather information in a zero pressure environment.

An easy way to spend time with your a parent, while at the same time, gathering information, is to look for a free seminar in your area.  Look in local publications for living trust" or "estate planning" seminars.  Alternatively, you may want to look for a Living Trust Plus™ licensed attorney in your area.  Don’t be afraid to research, communicate, and explain important statistics to your parents.

Did you know that if you are over age 65: you have a 7.2% chance of having an auto accident every year; a 6.15% chance of needing to file a homeowner’s insurance claim; and a 70% chance of needing long-term care?  Over half of those who need long-term care will require a nursing home.

3 - Explain matters using real, truthful data
13% of drivers are uninsured;
15% of homeowners are uninsured;
90% of senior citizens are uninsured and unprotected against long term care needs.

Why is it important to plan for long term care?  Primarily because the expenses of long term care are catastrophic and can wipe out a nest-egg in less than a year. 
 
50% of couples and 70% of singles are impoverished (broke) after one year of entering a nursing home!

Evan H. Farr on Google +