60 East Rio Salado Parkway
According to the U.S. Census Bureau, in 2010 only 20% of American “traditional” families were made up of married couples of the opposite sex with one or more children under the age of 21.
Who makes up a “non-traditional” family? This new traditional family comes in many shapes and sizes.
Multi-generational families consist of three or more generations living in the same household, including children and a parent and/or grandparent.
Single-parent families consist of one unmarried adult with at least one child under 18 living in the household the majority of the time, and no other adults in the household.
Same-sex couple families consist of married or unmarried couples living together with a member of the same gender, with or without children.
Blended families consist of parents who are married or living together with someone of the opposite sex, and who live with a child and/or stepchild from a previous relationship in the household.
Older parent with young children families consist of a family where one parent is older than 40 and there is at least one child under age five in the household.
Boomerang families consist of adults who are married or living together with someone of the opposite sex, with at least one adult child (ages 21-35) who returned to live with his or her parents.
There are a host of variables that make financial decisions especially challenging for these “non-traditional” families. Existing tax structures, regulations and available financial products are more or less intended for the outdated “traditional” family with one breadwinner providing for two or more children. At a minimum, it requires a broader and deeper relationship with your financial advisor.
Have you reviewed your retirement beneficiary designations? Do you have adequate insurance and have you documented your medical decision-making wishes? Your financial advisor needs to have an empathetic understanding of your particular situation and all who are involved.
Today’s families are more complicated and therefore require different and customized solutions. We help you figure out how to manage your finances to ensure that your loved ones are protected in the event something happens to you as well as ensure you are treated with the dignity and respect that you and your family deserve.