Lewis recognized by EHS Athletic Dept. Western Brown wrestling team tops Tigers in regular season dual Broncos even at 3-3 Lady Rockets blast past CCP, fall to Bethel-Tate Angela L Shuler John C Otten Shop With a Cop 2017 Teen charged with multiple rapes G’Town Council plans to raise water rates Rita Tarvin Rocket win streak reaches five G-Men ascend to 4-0 in SBAAC National Division with win at Williamsburg Jays soar to 3-1 with win at North Adams Young Lady Jays improving as season progresses Mary J Yockey Callie J Maynard Windle Blanton Daisy D Nevels Regional disaster drill held Jacob honored Sardinia joins new fire district County pays 10K in Varnau attorney fees Gast’s three-point shower drowns the Tigers Lady Rockets capture wins over Ripley, Batavia Keplinger signs with Shawnee State Warriors down the Devils, fall to the Greyhounds Broncos edge out Williamsburg, 53-50 Carol S Newman John E Short $200M Solar Farm discussed Adult education continues to grow at Southern Hills Georgetown 2017 Christmas parade Donald C Vance John C Morris Rebecca E Simpon Hot start sets pace for Broncos’ 85-40 win over CNE G-Men get off to 1-1 start Lady Rockets start off season with tough string of road games Basketball Special: 2017-18 Katherine J Wolfe Virginia J Germann Rev Commadora Manning Mona K Kirker Anderson pleads guilty Mt. Orab Christmas Parade Senior Playground now open Unemployment rate up slightly in October Bonita Planck Carol J Wagner Christopher O Richey Sr Five new members to enter WBHS Athletic Hall of Fame Blue Jays ready to soar under Woodward Fischer named to OPSWA All-Ohio First Team of football all-stars High school girls’ hoop action kicks off in Brown County Man charged with killing grandson Orscheln holds grand opening in Mt. Orab New joint Fire & EMS District discussed Dale G Ferriel John E Slack Nicholas A Arthur Bonnie J Roush Charles E Faul Phyllis A Mills Carl L Watson Marc W Bolce Robert R Moore Robert K King June R Williams William T Ishmael Sr Deborah J Napier High school hoop action begins Fayetteville SAY Girls Wing Soccer Team finishes season among state’s Final Four Devils visit Georgetown for OHSAA Foundation Games Grandfather charged in boy’s death Reward for Stykes info doubles Veterans honored at Western Brown Wenstrup to run for re-election Shop With A Cop Donation Kenneth M McKinley Vilvens signs with Mount St. Joseph SBAAC awards girls tennis all-stars Layman inducted into Miami University Athletic Hall of Fame SBAAC hands out awards to First Team girls’ soccer all-stars John D Marks Fourteen indicted by Brown County Grand Jury Commissioners donate to task force Voters return Worley to the bench Georgetown Police Department welcomes new officers Ruby A Ratliff Donna J Moore Stella M Glasscock Ellen L Gelter Alverda T Guillermin Justin N Beach EHS dedicates ‘Kiser Court’ SBAAC awards First Team football all-stars, winning teams Sizer earns SBAAC American Division Volleyball Player of Year honors for 3rd straight year Broncos to host Blue Jays for OHSAA ‘Jimmy Young’ Foundation Game, Nov. 17 Vern W Kidd Jr Brown County Election Results – 2017

Money management for the ‘Boomerang’ household

Due to recent economic realities, multi-generational living has been on the rise for many families.

A 2014 Pew Research Center analysis (http://www.pewsocialtrends.org/2014/07/17/in-post-recession-era-young-adults-drive-continuing-rise-in-multi-generational-living/) showed that a record 57 million Americans, equal to a little over 18 percent of the U.S. population, lived in multi-generational family households in 2012 – double the number in 1980. The major driver was young adults aged 25-34. According to Pew, nearly 24 percent of these older millennials lived in multi-generational households, increased from nearly 19 percent in 2007 and 11 percent in 1980.

It’s possible the “boomerang” family trend will remain in place for some time to come. For homeowner parents who may also be juggling the “sandwich” responsibilities of caring for older relatives, paying attention to the financial and behavioral details of taking in family is critical. Here are some suggestions to consider:

Your finances come first. Operating a full house means higher utility and food costs and additional wear and tear on the property. Taking in family also shouldn’t derail a parent’s career goals or retirement planning, nor should it diminish other necessary financial objectives like maximizing savings or eliminating debt. That’s why dual- or single-parent households might begin with a complete financial assessment before welcoming kids or elders back home. A discussion with qualified financial and tax advisors might be worthwhile to determine how much expense you can take on. For arrangements that go beyond free lodging to direct cash support of family members, gift tax issues should be explored.

Make a real agreement. A home is stability and therefore something of significant value. That is why it is appropriate to consider rent or request in-kind services in exchange for room and board. Young adults – particularly those who were fully under parental support in college – need to learn this important lesson even if they are moving home to save money to pay off loans, to buy a car or put a down payment on a home. Ask trusted advisors about what makes sense in your situation. If you decide to accept rent, know there are potential tax issues (http://www.irs.gov/taxtopics/tc415.html) based on the structure, timeframe and expenses related to such an agreement. Legal paperwork may be required, but there also may be rental expenses you can deduct.

Establish timelines. In the real world, financial arrangements are rarely open-ended. Depending on the financial, tax and legal advice you receive as well as local tenant law and personal preferences, you may be signing an official lease for your family member’s stay with a specific timeline of months or years. Whatever the requirements, make sure you have an effective framework that sets specific financial and behavioral rules you want met.

Start with a family meeting. Before moving trucks arrive, family members should meet for a discussion about the impending move. Start by letting your child or family member talk through why they want to move in, whether they have financial goals tied to the living arrangement and how long they plan to stay. Share the structure you envision, including the payment details you would consider. No matter how agreement is struck, it should begin with a full discussion of needs, preferences, financial terms, and most of all, ways to make the arrangement successful and smooth. Once the move happens, regular conversations should continue about the living arrangement. After all, boomerang families have unique, ongoing financial issues that will require discussion.

Prepare to track expenses. Once agreed, retrofit your household budget to keep track of higher food, utility and related expenses for cost-sharing and potential tax purposes. Having people you love living with you will hopefully have many rewards that go beyond simple dollars, but always know what the arrangement is costing you.

Bottom line: Opening your home to returning family members is a real financial commitment. Think through money, tax and household issues before you say yes.

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2016 News Democrat