Dallas Elder Law Attorney Notes That Change in Households Is Important for Long Term Care Planning
Dallas, TX (Law Firm Newswire) December 15, 2011 – The downturn in the economy is transforming the makeup of the typical American household. Multi-generational households are on the rise. Increasingly, elderly parents are moving in with their adult children. In some case these elderly parents may be also be electing to share their home with unemployed, college-educated grandchildren. As retirement plans take a beating and unemployment continues, families are coping by sharing financial and care-giving responsibilities under one roof.
The Pew Research Center estimates that multi-generational households have increased by more than 10 percent since 2007. Census Bureau data from 2009 shows that more than 51 million people live in multi-generational households.
“When an elderly parent moves in with their son or daughter, it is important to have an elder law attorney review the family’s finances, assets, and end of life decisions,” said Dallas elder law attorney Jacob Hale, of The Hale Law Firm, P.C. “Especially if they have sold a home to come live with you or are considering applying for government benefits in the future.”
“It is great that families are coming together in this time of need,” said Hale. “The next step is to help your elderly parents make sure they have a plan for their long-term care, living will and appropriate trusts, and any other special concerns addressed.”
At this stage, an experienced wealth management attorney can also give legal advice regarding investments, retirement strategy, and estate planning issues. “We are here to help you safely negotiate life events,” said Hale. “Peace of mind is knowing that you will not run into a legal or financial brick wall as you round the next corner.”
The Hale Law Firm
100 Executive Court, Suite 3
Waxahachie, TX 75165
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