Important News

How to Set Up a Multi-Generation Household
As seen in:
AADMM News You Can Use Newsletter
A Member Service of the American Association of Daily Money Managers
Website: www.aadmm.com
How to Set Up a Multi-Generation Household (Forbes, May25, 2009).

“One of the side effects of the economic contraction is that Americans are about to rediscover the virtues of three-generation households.

Bernard Krooks, a New York City elder lawyer, reports that some clients who had planned to move into pricey continuing-care communities — houses and apartments with aides on call and nursing-home beds should you need them — are moving in with their kids instead.‘ They don’t have the five grand a month,’ he says. The number of multigenerational households usually rises in a recession and then declines. But what’s going on now is more than a recessionary blip...the percentage of those 75 and up living in their adult children’s homes has been climbing too, from 4.1% in 1990 to 6.5% today. Even retirement community builders have noted the change. This year, Pulte Homes’ Del Webb unit began offering dualmaster-suite house plans and optional guest “casitas” at some developments it markets to seniors. Why? In focus groups potential 55-year-old buyers said they anticipated their parents and/or adult children might move in.” Read the Full Article.