5 ways to help their children sandwich generation

Do a one-time gift

If you can spare the cash, give your budget a sum for their adult children rather than paying only the cost or pay its debts, make it clear you willing to give. It has a limited amount of money to provide incentives by cutting unnecessary expenses, in order to stretch their money. You can give up to $ 13,000 per person, or you and your spouse together can give up to $ 26,000 of 2011, without submitting a federal gift tax return or gift taxes.

Sold piecemeal aid

If you are unable to table a chunk of cash, or do not like, you may want to help your child pay some The key bills, such as health insurance or car insurance, so you know they are still reported.

Home Rule

If your child can no longer pay the rent (you can not), discussed the move back home, including the basic rules of how long they can stay and how to rent and doing housework, help the family. Some parents allow children to stay at home for a given number of months, then after collecting rent, leaving aside the money build up an emergency fund or savings, when children can use the rent or other charges, they moved out.

Together

If your child is 26 years old age, lost his job, it may be cheaper him back to your medical insurance policy continues to cover him than paid through COBRA the former employer’s plan (ie, federal law allows laid-off workers to buy insurance at group rates), or purchase a separate health insurance policy. Increase deductions in his car insurance premiums can be reduced, or join his policies may produce even greater savings. And you can consolidate your phone costs to a single family plan.

Create two jobs emergency fund

Match your child to a Roth IRA contributions once they start work can have several benefits: tax-free retirement money is not only growing, but your child We can always withdraw tax- and penalty, if they need money before this contribution, providing a standby emergency fund. And according to their income, they may qualify for a tax credit for retirement savers by up to 1000$ When they lower their tax bills contribute to an IRA or employer retirement plans (as long as they are not your family members or full-time students).