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Our Demise And Why Our Children May Become Obligated!

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Our Demise And Why Our Children May Become Obligated! Todayshealthsite.com

Todays Health Article

December 21, 2011

Today an increasing number of parents, ordinary baby boomers, even their parents, now have fallen into financial hard times. Not only financially stricken, but their health situations have prompted such actions…  living off  the government,  living on the street, or with their children. It has now became apparent and a fact of life! Now for most, none of these are easy solutions, pride usually has a way of getting in the way, and being obligated to your children is not an answer for many. Surprising as it may be, it is a last resort, to ask family for help.

Many parents do not have a good relation with their children, nor have they communicated the fact of their current condition. On the other hand, most children feel no obligation to their parents, afterall their grown up and have their own obligations to themselves and perhaps to their own family. NOW most parents who find themselves, even in their dispair, still feel obligated to their children… through out their whole life… perhaps maternal.

To understand where this article is leading too, we must go back to what, us as parents, are obligated for, once we become parents.

What Our Obligations Are to Their Children?

Today there mandatory laws that clearly spells what every parent has the duty to provide his or her children. These are basic necessities for our children to sustain a normal life which includes food, clothing, and shelter.  This obligation usually terminates when the child is emancipated ( age of eighteen) or when your child graduates from high school. This may also be when your child enters the military, or when the child marries. But the parent’s support or obligation may extend beyond this point, if the child is unable to support himself or herself. Parents if they are able would feel obligated  not to allow their children to become a public obligation, without family support.

The law generally does not dictate the level of support that is provided when the children live with both parents, but when, through divorce or other circumstances. Although the children may face adversity, the level or degree is at the discretion of Parents.

No Laws for Children’s Obligation…

The very best question is Why? The very same people who may have given all they had for their children’s success or failure, now may lay and wait for their own demise. Is it not a fact, that though the law spells out what parents are obligated for, that their maternal love may have exceeded their requirements and are now, due to unexplainable circumstances, facing  complicated sets of circumstances. Perhaps this something our children do not want or will not be faced with yet, so let’s look at the facts.

Facts!

It is nothing uncommon for the Twenty-somethings who have moved back in with their parents after college,  have often been referred often as “boomerangs.”  They just keep coming Back!  But that term may need  to be expanded now to include increasing numbers of seniors and baby boomers—you may call them “baby boomerangs”—who are taking up residence with their adult children and even grandchildren.

  • More than 3.6 million parents have lived with their adult children since 2007, according to  Census Bureau data, up 67 percent from 2000. “It’s a return to much closer intergenerational ties than we saw through much of the 20th century,” says Stephanie Coontz, a professor of history and family studies at Evergreen State College and the author of The Way We Really Are: Coming to Terms With America’s Changing Families.
  • Factors fueling the trend include tight family finances, the convenience of sharing household chores among several adults, and the increasing number of immigrants who commonly live in extended families, according to Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies.
  • Sharing a house almost always cuts the living expenses of all involved. The dismal economy is changing people’s attitudes toward living in an extended family, Retsinas says: “One of the first places people usually turn when they are in trouble is their family.”
  • Live-in grandparents sometimes share caring for the little ones, which slashes day-care costs. “When you have highly stressed parents raising kids, there is a sort of win-win situation when you have a parent that you are close to helping with child care or housing costs,” Coontz says. When she is in Olympia, Hinkle spends her mornings caring for granddaughter Adaline. “I get her up and feed her, and then . . . [her mother] Courtney takes over—no day care needed.” Of course, there’s also the potential for squabbles over parenting strategies. “Be very respectful of your child’s parenting style, even if it differs radically from yours,” cautions Joshua Coleman, a psychologist and author of When Parents Hurt: Compassionate Strategies When You and Your Grown Child Don’t Get Along. “Unless advice is requested, try to not intervene.”Care-giving responsibilities often evolve over time. Carolyn Nutt, 64, a retired special-education preschool teacher, has lived with her mother, now 93, for the past 18 years and her mother-in-law, 85, for three years, along with her husband and her son, 24. The family shares a 3,500-square-foot home in North Tustin, Calif. When son Daniel was a child, Nutt’s mother, Augusta Morse, helped out with child care. But now that she has broken both hips, Morse is receiving care from her daughter. “If we needed to go away for a weekend or just to get away for a couple of days, she was always ready to baby-sit for us,” Nutt says. “The least we can do is give it back to her.”
  • A CNN report in August 2011, pointed out that in a sense the Baby Boomers (1945-1965) will be the largest Welfare Generation in US history. They will be the first generation to take MORE out of SS than they paid in, by TRILLIONS.”Still, as a generation, they will have paid less into the Social Security system than they are expected to take out. According to a report from the Social Security and Medicare Board of Trustees, the Social Security system is expected to be solvent until about 2037 — largely because of the surplus in the Trust Fund — even though the payroll taxes flowing in stop being enough to cover the expenses flowing out in 2017.The first baby boomers will turn 65… Jan. 1, beginning a flood of applications for Medicarebenefits that experts fear could drain the economy and hold political repercussions for President Obama.The baby boomer generation marked a huge reproductive uptick between 1946 and 1964, when 76 million children were born.
  • Told on ABC RecentlyThat the post-World War II generation’s overwhelming demand on the Medicare system could possibly leave future generations with a bigger bill.Medicare currently covers 46 million people, costing the government about $500 billion a year. But when the last of the iconic generation reaches 65 in about 20 years, more than 80 million people will be eligible for Medicare coverage, although the number of working people paying into the program will have decreased from 3.5 per person receiving benefits to 2.3.
  • The stock market has faltered and many pension plans have suffered; some pension plans have been reduced or have gone away altogether. Lower market values on homes for people near retirement have also caused concerns for baby boomers who may have been relying on the home as a nest egg.According to a recent study by the Employee Benefit Research Institute, 45 percent of baby boomers are at risk of running short of funds during their retirement. Twenty-five percent of working baby boomers exhausted all of their savings during the recession. Other workers have lost their jobs and are struggling to find new positions.Bankruptcy offers people protection from their creditors, including protection from collection activity and foreclosures.Source: USA Today, “Baby Boomers fear outliving retirement savings,” Christine Dugas 25 May 2011

The Benefits

There are benefits to combining resources such as financial sharing and many times relieves the financial stress put on one family member. Also if there are siblings, the cost of  daycare may be lesson or eliminated by parents.

There can be income tax breaks available to caregivers. A major one is the ability to claim a parent as a dependent if the caregiver provided more than half of his or her total support for the calendar year and the parent had a gross annual income less than the exemption amount. The tax savings that result from exemptions are significant.

For additional details on tax exemptions, consult a tax professional or visit www.irs.gov. Caregivers should also find out if their employer offers tax-advantaged flexible savings accounts (FSAs) for dependent care expense

Helpful Resources

A good place to inquire about community services for the elderly is a city or county Office on Aging (also known as a Department of Senior Services). To find the office located near an aging parent, contact the Eldercare Location Service of the U.S. Department of Health and Human Services at www.eldercare.gov.

Another helpful resource for caregivers is a geriatric care manager (GCM) who can arrange ongoing care for frail elders, particularly when caregivers are employed or live far away from an aging parent. For the names of local GCMs, visit www.caremanager.org. GCMs generally charge by the hour and may work for a home health agency or a hospital, or work as private practitioners.

Todays Health Comments

Today, and particularly in the years to come millions of parents from the Baby Boomer ages will be facing the fact of financial stricken, and many with health problems that will not be paid for the lack of funds. With struggling economy, foreclosures, shrinking Medicare and Medicaid, many parents will have little options other than state aid, food banks, and governments programs to help. Will our demise obligate our children?

However,  many will not qualify, and  be left with asking relatives for help. I know from my view point, many have no intention of burdening their children, but may need to follow their pride, and ask. I see that already millions have fallen to this choice, and many times beneficial for all concern. It does take compromise on all concerned, especially regarding young children and their up bringing, as all may not have the same points of view regarding what is best.

The important aspect is it brings unity in all lives concerned and generally is beneficial for all.

 

 

 

 

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December 22nd, 2011 | Tags: , , , , , | Category: Todays Health | 733 comments

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