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Home » Grandparents Become the Parents

Grandparents Become the Parents

April 20, 2015 by Ellen LaPlante

capture-20150302-020656There are more than 8 million American children who are not being raised by their biological parents, but instead, are seeing Grandma and Grandpa when they come home from school. The number increases every year, too, according to AARP.

Grandfamilies

Most grandparents say this is not at all what they had planned for retirement. They’re basically raising a second family and while it’s not what they saw for the future, most say they are happy to meet the challenge, even if they’re worried for the future. There are those families where Mom or Dad (or sometimes both) are deployed in our nation’s military and then there are those where the biological parents have other societal issues, such as addiction or are perhaps incarcerated. Either way, grandfamilies are the solution for now. But what does that look like for Grandpa’s long term needs and planning efforts? And what happens when the money doesn’t come close to filling the needs of one or two or even more children?

From the financial costs to meeting medical needs to ensuring their educations are secured, grandparents are doing the same things their adult children would be doing if possible. But this dynamic shift is also raising a lot of questions, especially when it comes to estate planning and retirement. It appears, at least on the surface, everything is falling into place; however, there are those legal and financial challenges that must be addressed.

Some of those challenges include:

  • Lack of support
  • Lack of available resources
  • Concerns about financial resources; many are raising grandchildren on their retirement incomes
  • Legal concerns about guardianship
  • Insurance concerns

Clearly, there’s reason for concern. Many grandparents are already on very tight budgets and surviving on their retirement benefits, Medicaid and/or Social Security. The addition of a child – or several children – is a stress many simply can’t shoulder.

The Cold, Hard Numbers

2.2 million: The number of people in grandfamilies who are at or near poverty level in the past 12 months.

10%: Percentage of children in the U.S. living with a grandparent in 2010, totaling nearly 8 million.

670,000: The number of grandparents who had a disability and were solely responsible for their grandchildren.

10%: Percentage of children in the U.S. living with a grandparent in 2010, totaling nearly 8 million.

Estate Planning

This is clearly a new defining factor in the otherwise traditional American family and it affects estate planning efforts. It also means new resources and solutions must be found. It changes everything about the way Americans see retirement and estate planning. While the answers might not be clear just yet, with commitment and a focus on family, the solutions are out there.

To learn more about grandfamilies, resources and how to better protect your estate planning efforts, contact the team at Unsworth Law today.

  • Author
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Ellen LaPlante
Ellen LaPlante
Ellen LaPlante is an attorney whose mission is to provide clients with guidance in Estate Planning, Elder Law, and Medicaid Preparation. She is barred in Vermont and New York. Ellen helps clients put together unique estate plans, including assistance with Trusts, Wills, Powers of Attorney, and Advance Directives. She also works with clients on Medicaid Planning and qualifying for Medicaid assistance.
Ellen LaPlante
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Filed Under: Estate Planning

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