These days, family doesn’t just mean two parents, 2.5 kids, a cat and a dog. Now households have to contend with living with many other members of the family, including grandparents, cousins, aunts and uncles.
While having many members of the family under one roof can have its benefits, such as sharing the cost of bills, it a can also put a financial strain on the household.
However, with careful financial planning, you can keep these costs under control and still save money.
“Engage with a financial planner to prepare a multigenerational financial plan.
“The financial planner should assess the financial position of the aged parents and the adult children, and will build a workable succession plan that prioritises everyone’s needs.
“Understand your aged parents’ finances so that there are no surprises. Ensure that all legal and tax planning issues are taken care of, especially if there is joint property ownership involved,” advises Craig Torr, director of Crue Invest.