I thought it would be interesting to talk about an article I recently found that covered benefits and things to consider when contemplating legal guardianship of children.
According to the article, the census reports there are more and more grandparents who are taking care of their grandchildren. There are many considerations a grandparent can undertake when considering whether guardianship over their grandchildren is right for them.
An attorney can help determine if it would be beneficial for a person to become a legal guardian. Legal guardianship allows guardians to make important decisions regarding education, medical treatment, etc.
When considering healthcare for a child, many states allow grandparents with legal guardianship of their grandchildren to add them to employee benefit plans. For those who are retired, Medicaid and the Children’s Health Insurance Program will usually cover checkups, eyeglasses, shots, medicine and hospital stays.
If finances are an issue, child support, foster care or adoption assistance, and subsidized guardianship can help with the expenses of raising a child. Some families qualify for Social Security or state-run temporary assistance programs. Grandparents should consider an additional life insurance policy to provide living expenses to grandchildren in case of premature grandparental death.
There are also tax credits available for grandparents raising grandchildren under the age of 17. Grandparents living on a low income can apply for the Earned Income Tax Credit Education fund.
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