Nowadays, grandparents are now acting like parents to their grandchildren. “They are taking much responsibilities of parents rather than their duties alone”, financial planners say. N.J., planner Tom Orecchio in Westwood stated that there’s more of this going on than in the past because more of the parents are hurting financially. Columbus, Ohio, planner Gary Vawter also added that Grandparents have a soft spot in giving to their grandkids especially when the parents need less.
In situate to this, Bradley Associates put Grandparents forward to make sure that you have enough saved for yourself before start writing those checks to be able to cover the possible long-term care cost or get through a business downturn and of the future promises which you might be spending too much by making it fixed, such as “$5,000 a year for each grandchild for college. Your family should also understand that the gifts they are receiving on holidays is different from the old or may not come at all.
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