Stay ahead of the curve in securing your loved ones’ futures. We find ourselves in an era where the responsibilities of care-giving and financial planning have intertwined, placing a significant burden on a generation aptly named “The Sandwich Generation.” This unique group of individuals is caught between the demands of caring for their aging parents while simultaneously supporting their own children. In this edition, we delve into the crucial topic of estate planning and how it plays a pivotal role in securing the future for both the Sandwich Generation and their loved ones. Understanding the Sandwich Generation: A Balancing Act The term “Sandwich Generation” resonates with those individuals who find themselves squeezed between the responsibilities of caring for elderly parents and attending to the needs of their children, often spanning across different generations. This delicate balancing act can be emotionally, physically, and financially draining. The Dual Responsibilities: Don’t Let Your
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For adult children raising kids of their own, assuming the role of caregiver for one’s parents can be extraordinarily difficult without the help of proper legal documents. We have discussed the importance of The Talk. The information gleaned from this discussion provides a foundation for the creation of effective legal documents that express and protect your parents’ wishes. These documents include a Will, a Power of Attorney, a Living Will/Healthcare Proxy, and a HIPAA Medical Release. Let’s take a quick look at these documents. A Will directs how a person’s estate is to be administered and how his or her assets will be distributed after death. The person who creates the Will is called the Testator while the individual who settles the estate is known as the Executor. Naming the Executor and specifying “who gets what” in advance can help eliminate family infighting. A Power of Attorney allows an individual
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The term “sandwich generation” refers to people who are raising their own children while simultaneously trying to care for aging parents. If you are “sandwiched” between these two roles, the stress can seem overwhelming. Here are some tips for managing the challenge. Have “The Talk” with Your Parents as Soon as Possible. “The Talk” involves speaking with your parents about their wishes regarding long-term care and who will be able to make decisions on their behalf in the event of incapacity. By addressing these issues early and openly, you can then take steps to create legal documents to ensure your parents’ care will reflect their wishes (more about these documents later). Be sure to include your siblings and other members of your extended family in these conversations so that everyone is on the same page. This will help eliminate disagreements, which can quickly turn ugly, about what mom and dad
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