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, “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:
● Advance health care directive
... appoints a person to make medical decisions if you are unable to do so and states your wishes in the event of your incapacitation
● Durable power of attorney
... designates a person to make financial decisions if you are unable to do so
... 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! 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.
This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. 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 is why we offer a strategic planning session, during which you will get more financially organized than you have ever been before and make all the best choices for the people you love. You can begin by contacting our office today to schedule a planning session and mention this article to find out how to get this $750 session at no charge. Disclaimer: All information on this website is for informational purposes only and is not legal advice. You should contact an attorney trained to work with families on estate planning matters regarding your specific situation. Use of and access to this website or any of the email links contained within the site do not create an attorney-client relationship between the Law Office of Keoni Souza, LLC, and any users or any other party.