This essay considers the intergenerational relationships and exchanges taking place within the family along a complete life cycle. According to the relational perspective, the generation concept emerges as a synthesis of family circle and social sphere, placing the generations within the dynamics of resources allocation and widespread exchanges. The intergenerational exchanges are the actualization of care and gift (involving the “negative” dimension of the obligation) and find today in the elderly generation (grandparents) their own centre of gravity. This phenomenon is particularly evident in the area of grandchildren care. As far as the elderly generation is concerned, women (grandmothers) play a remarkable role, sometimes “overwhelmed” by two-generation care (children and elderly parents: the so-called sandwich women).