The term “Sandwich Generation” refers to those individuals who are caring for their children while also caring for their parents or in-laws. If you are in this position, you are likely feeling stressed, tired, and financially burdened. Dividing your attention and finances among three generations can take its toll. Thus, it is essential that you plan ahead and take practical steps to protect both you and your parents.
It is imperative that you clearly communicate with your parents about planning ahead. If they do not already have a complete estate plan, they should obtain a will/trust for transferring their assets, health care documents for medical decision-making, power of attorney, and possible long term care insurance. As your parents age, it is important to discuss their wishes regarding under what circumstances they want to be kept alive with life sustaining equipment. Having their affairs in place will take a significant burden off of your shoulders.
It is also essential that you take steps to protect your own finances. While you want to provide for your parents and children as much as possible, you must also protect your retirement savings for your own future. Your children can take out student loans and obtain jobs to pay for their education. Your parents own assets should be used to pay for their care as long as possible.
If you would like assistance with creating a comprehensive estate plan for your parents and yourself, contact Maura Curran. She can help you take measures to protect you, your parents, and your children.
