The traditional family is no longer so traditional. Increasingly children are living in blended families, bringing complex tax issues to their parents’ accountants.
“According to the IRS, everybody fits in a biological family: two parents who are married, 2.3 biological children, and that’s it. They file jointly, and you sign your name,” said Jane King, who runs the firm Fairfield Financial Advisors with her daughter Caroline Hedges, in Wellesley, Mass. “Now there are so many different models, whether it’s grandparents raising children, or people who are together and have children, but are not married, or people who are divorced, and there’s joint custody, with two nights at one house and three at another. It’s confusing for accountants and for people who are in nontraditional situations or relationships to figure out what to do.”
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