Hope you’re starting your week out nicely. Cameron was away this weekend for his graduation trip to Disneyland and returned last night. He’s gearing up for his senior portfolio and getting all of his ducks in a row to finish up school. He graduates in about a month. We’re so excited for Cameron and to see what next steps he takes in his life.
Have you heard of the “sandwich” generation? It’s a term which refers to people who have, or will, take on the responsibility of caring for a parent in one fashion or another, while at the same time still raising kids of their own. It’s a tough place many of us have or will find ourselves. Today’s article provides some suggestions on key things to focus on.
Until next time,
When Duty Calls: Navigating the Sandwich Generation with Ease
The average age of parents raising children in the US continues to rise, leaving many middle-aged Americans in a category commonly referred to as the “sandwich” generation.
This growing population of professionals are often still raising kids at home when they become responsible for the care of their own aging parents. The stress and financial strain of managing the affairs of both children and parents can become overwhelming. The following tips can help make this challenging life stage manageable and more enjoyable.
Assess the Financial Situation
Taking time to thoroughly understand the financial picture for your own household is imperative as you step into a role of responsibility for your aging parent. Prepare for the inevitable and avoid surprises by working with a professional to consider how your role in the care of your parent will affect the plans you are making for your family’s financial future. Take advantage of our Family Wealth Planning Session process, a comprehensive planning process that ensures your legal, financial and insurance needs are covered appropriately.
Benjamin Franklin is quoted as saying that, “Failing to plan is planning to fail.” Planning for your family’s future means preparing for the worst and hoping for the best. As you move through helping your aging parent with important Estate Planning decisions, take time to be sure your own wishes are legally binding as well.
Be sure to include:
● Advanced Health Care Directive – appoints a person to make medical decisions if you are unable to do so
● Durable Power of Attorney – designates a person to make financial decisions if you are unable to do so
● Will – carries out your wishes in the event of your death
● Kids Protection Plan – designates a legal guardian for your minor children in the event of your incapacitation or death
Pay Attention to Red Flags
Even if your aging parent is still quite capable, work together to assess their financial situation carefully and be on the lookout for signs that anything is falling through the cracks. Common red flags are:
● Frequent calls from creditors
● Forgetfulness when it comes to bills and deadlines
● Unopened mail
Utilize professional legal and financial support when necessary and communicate clearly so everyone knows who is responsible for what.
Practice Good Self Care
Stress is one of the most common consequences of caring for two generations at once. Balancing the responsibilities of raising children and caring for aging parents with relaxation and play is vital over the long-haul. Remember that adequate rest and good nutrition will provide you with the extra energy you’ll need when times get tough. Most importantly, remember that you don’t have to do it alone! As your Personal Family Lawyer®, we are ready to assist you when duty calls.
Now is the perfect time to schedule a Family Wealth Planning Session, where we’ll review your current financial situation in light of your future responsibilities. With our assistance, you’ll gain the confidence of knowing you’re making the most empowered, informed and educated legal and financial decisions for yourself and the ones you love.
We don’t just draft documents, we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Begin by calling our office today to schedule a Family Wealth Planning Session.