In many California homes, multiple generations of a family live under one roof. Young adults may move back in with their parents for a time after college until they can afford a place of their own. As people live longer, baby boomers are taking in elderly widowed parents so that they don’t have to live alone or move to an assisted living facility. With the high cost of owning property in Southern California, at some point, it may be a financial necessity for parents, grandparents and adult children to share a home.
Sometimes, seniors may not want to give up their homes, but may not be able to care for or navigate a large multistory home. They may let children or grandchildren move into the home while they keep a small section of it for themselves.
“Mother-in-law suites” are becoming popular. These are separate living spaces (also known as accessory dwelling units or ADUs) within a home or at least on the property that allow people to live with their families, but still have some privacy and the ability to come and go as they please.
When multiple generations of a family are so closely connected and financially dependent on one another, it’s essential for their estate plans to reflect that. Multigenerational estate planning is key to helping ensure that parents and children are cared for and financially solvent after you’re gone.
It’s essential to determine how this real estate that’s being shared will be divided when one or more of the people who own it pass away. Planning for the future is key. Your California estate planning attorney can help you develop a multigenerational estate plan to provide your loved ones with the quality of life you wish for them even when you’re no longer around.