When Grandma is the Breadwinner

There has been a huge influx of grandparents and parents of adult children dipping into their own savings, or working into the later years of life, to help financially support their children and grandchildren. With the current state of the sinking economy, and unemployment through the roof, senior citizens are dipping into their retirement savings to help pay their kid’s and grandkid’s bills. Grandparents are becoming responsible for college tuition, or buying their grandchildren’s first car, because parents and kids simply cannot afford to. Parents are finding their adult children still living at home in there thirties and having to feed and clothe their unemployed twenty-five year olds. We are even seeing established families moving back in with mom and dad, after losing their jobs or their homes due to foreclosure.

It is great for grandma or grandpa to help out in this time of need. However, this in turn means many senior citizens cannot afford to retire, flooding the employment sector, so the younger generation cannot get jobs. For grandparents or parents that cannot work, but are dipping into their savings, this could mean that their financially strained family, who they were trying to help in the first place, will be left to front the cost of grandma and grandpa’s retirement in the years to come. Neither option is a good one but there are things you can do.

If you or your children find yourself in a situation like this you have options and Crosby Law Firm can help you choose the best ones. Call for a free consultation and talk to one of our lawyers who care about making your situation better.

The Crosby Law Firm is a general practice law firm dedicated to solving your problems. Whether you are struggling with a Divorce or family issue, Bankruptcy, Personal Injury claim, DUI/Traffic charge or other criminal allegations, or taking care of your Trust, Wills, or Probate, your case is important to us, and we want to help.