All Business Wednesday

April 25, 2018

Family Dynamics Can Affect Property Ownership…

As today’s families grow while the generation before them ages, they may be facing home ownership trends that were not predictable only a few decades ago.  Perhaps the most obvious is seniors continuing to function independently in their own homes in the later stages of life.  But an even less predictable trend might be adult children continuing to reside in their family home.

Their parents are often called the “sandwich generation” due to their dual role of caring for elderly parents and children simultaneously, even as they enter retirement years.  This can affect how they utilize their real estate assets, perhaps delaying a downsizing decision, or increasing debt to finance a child’s first home.  One of the spin-offs of such circumstances is the frequency of shared inter-generational property ownership.  This can create complications that require consultation with financial and legal specialists, with regard to liabilities, powers of attorney and wills.