Financial and legal resources for grandparents raising grandchildren

Dear Savvy Senior,

Are location immoderate programs that you tin mention maine to that financially thief grandparents who are raising their grandkids? I’m raising 2 of my grandchildren and could usage immoderate help.

— Tapped Out Tonya,

Dear Tonya,

Money is simply a communal problem for nan astir 2.4 cardinal U.S. grandparents who are raising their grandchildren today. To thief pinch nan day-to-day expenses, location are a wide assortment of programs and taxation benefits that tin make a large quality successful stretching your budget. Here’s wherever to look for help.

Financial Assistance

For starters, find retired whether your family qualifies for your state’s Temporary Assistance for Needy Families (TANF) program, which whitethorn see rate assistance, nutrient benefits, inferior measure assistance and free aliases low-cost daycare. Or, if your family income is excessively precocious to suffice arsenic a family, inquire astir nan “child-only grant” for conscionable nan grandkids support alone.

Also, cheque to spot if you’re eligible for foster attraction payments arsenic a comparative caregiver, aliases if your authorities offers immoderate further programs for illustration guardianship subsidies, non-parent grants aliases kinship care. Adoption assistance payments are besides disposable to adopted grandchildren pinch typical needs.

To inquire astir these programs, interaction your state’s TANF programme and/or authorities Department of Human Services. See ACF.hhs.gov/ofa/map/about/help-families for interaction information.

You besides request to spot if your grandkids are eligible for Social Security, including benefits for limited children, subsister benefits aliases SSI – visit SSA.gov aliases telephone 800-772-1213. Find retired if they’re eligible for free/low-cost wellness aliases dental sum done your state’s Medicaid and nan Children’s Health Insurance Program – InsureKidsNow.gov aliases 877-543-7669.

You tin besides usage Benefits.gov, nan charismatic benefits website of nan U.S. authorities that has a screening instrumentality to thief you place nan programs that you and your grandchildren whitethorn beryllium eligible for and will nonstop you to nan due agency to apply.

Tax benefits

In summation to nan financial assistance programs, location are besides a scope of taxation benefits that you whitethorn suffice for excessively for illustration nan Earned Income Tax Credit aliases EITC which is disposable to those pinch mean to debased incomes, and nan Child Tax Credit which is worthy $2,000 per limited kid nether property 17.

If you’re working, and are incurring childcare expenses successful bid to work, there’s a Child and Dependent Care Credit that tin help. If you’ve legally adopted your grandkids, there’s an Adoption Tax Credit that provides a national taxation in installments of up to $16,810 successful 2024.

You tin besides deduct aesculapian and dental expenses if you and your limited grandchildren’s healthcare costs transcend 7.5 percent of your adjusted gross income for nan year. And there’s moreover education-related taxation credits that tin thief your grandkids spell to college, for illustration nan American Opportunity Tax Credit and nan Lifetime Learning Tax Credit.

In summation to nan taxation credits and deductions, if you’re unmarried you whitethorn suffice for “head of household” position erstwhile you record your taxation return, which has a higher modular conclusion and a little taxation complaint than you would filing arsenic a single.

Legal help

If you haven’t already done so, you should besides talk to an lawyer to talk nan pros and cons of obtaining ineligible guardianship, custody aliases adoption. Without immoderate benignant of ineligible custody, you whitethorn not beryllium eligible for galore of nan antecedently listed financial assistance programs, and location tin beryllium problems pinch basal things for illustration enrolling your grandkids successful schoolhouse aliases giving a expert support to dainty them.

For thief locating affordable aliases free ineligible assistance, sojourn FindLegalHelp.org, aliases telephone nan Eldercare Locator astatine 800-677-1116 for referrals. Also spot GrandFamilies.org, a clearinghouse assets that offers accusation connected financial assistance, adoption, foster attraction and more.

Send your elder questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, aliases sojourn SavvySenior.org. Jim Miller is simply a contributor to nan NBC Today show and writer of “The Savvy Senior” book.