Old folks simply means parents.
Hey what up bro? Nothin' much man I just had a huge fight with the old folks and I had to bounce out the crib for a min to cool off.
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Fancation: A celeb taking a vacation away from fans.
A celeb tells a friend or a relative they're going on a fancation. They ask, fancation? Celeb says yes, a vacation far away on a very secluded island away from fans. I really need a fancation.
Grand folks means Grandparents.
Old folks usually means parents. Grand folks means grandparents. I said yo man there's my grand folks over there.