A unique situation is on the rise in the United States and could affect you now or in the future. People are finding themselves caring for their aging parents while simultaneously raising and caring for their children. There is a term for this; the sandwich generation. Adults who are part of the sandwich generation have a living parent age 65 or older and are either raising a child under the age of 18 or supporting a grown child.
If you are a part of this group, you are undoubtedly challenged by the emotional, physical and financial demands of juggling the roles of caring for your own children and your aging parents. With so many people relying on you, it is that much more important that you take the time to carefully plan for the stressors that can come up along the way.
If you haven’t taken some of the following steps and they still apply to you, get started immediately.
- Have a family meeting to discuss what your parent’s wishes. If you don’t have the conversation with your parents while they are still in good health and of sound mind, there’s a good chance you’ll find yourself unprepared if a crisis occurs.
- Plan for your parent’s future. One of the most important steps you can take towards helping your parents in the future: making sure their estate plan is up to date.
- Plan for your family’s future. Many of the same key documents are required for your estate plan, but a few additional things need to be considered.
- Balancing it all. Assessing your financial situation and maintaining your emotional health is imperative. Don’t hesitate to ask for outside help.
Taking these steps can certainly help you be prepared for the “unknown.” If you have any questions about your unique situation, don’t hesitate to reach out to me.