You may have heard the term “Sandwich Generation” being used to reference individuals who have become a caretaker not only for their children but also for their own parents or their in-laws. Being in this position can be extremely difficult and leave you exhausted and stressed. Additionally, it can take a major toll on your finances to spread them among three generations. As a result, it is imperative that you plan ahead and safeguard your immediate family as well as your parents and/or in-laws.
Where do you start? You should immediately have a conversation with your parents/in-laws about planning ahead. If they do not have a comprehensive estate plan, they should contact us immediately to create one. This includes establishing a will and/or trust setting forth how your assets should be distributed, health care directives, power of attorney, and possibly whether you should purchase long-term care insurance. You should also have an open and honest discussion regarding whether your parents want to be kept alive with life-sustaining equipment or measures. Your parents will likely feel a sense of relief knowing that their affairs are in order and that their wishes will be carried out.
While every situation is different, if you have taken on the role of caretaker for your parents it is important to protect your own finances. In other words, find a balance between providing for your parents and children, while also protecting your savings, retirement funds, and your future. Remember, your children can obtain student loans or work while they are in school to pay for their education. Additionally, your parents should use their own finances and assets to pay for their care as long as possible.
If you or your parents need help planning for the future, we can help. Let us review both your and your parent’s individual circumstances and determine the best strategy for you to take.
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.