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Estate planning needs for those in the ‘sandwich generation’

On Behalf of | Aug 3, 2016 | Wills |

One of the big things parents are focused on is the care of their children. For some parents, though, their children are not the only family members they might be caring for. This is particularly the case for parents who fall into the “sandwich generation.”

What do we mean by sandwich generation? This descriptive generally applies to people who have children who are young enough to still need care and who also have living parents who are old enough that they have care needs as well. Currently, given where they sit age-wise, many individuals in Generation X are in the sandwich generation.

Now, balancing both the care of one’s children and the care of one’s parents can have lots of challenges. Thus, careful planning regarding the family care responsibilities they have taken on can be important for individuals in the sandwich generation, including planning regarding how they will deal with the financial impacts of the care, how they will protect their and their family’s emotional health in relation to the more difficult aspects of this care situation and how they can best promote good health for their parents.

Another thing it can be important for individuals in the sandwich generation to plan for is what will happen if they pass away while both their children and their parents still have care needs. They may want to take steps aimed at ensuring such care needs continue to be met in such an event. So, individuals in the sandwich generation can have unique goals and needs when it comes to estate planning. Experienced lawyers can help individuals who are in the sandwich generation with incorporating concerns they have regarding the future care of their children and parents and other concerns and goals related to their unique situation into the devices they decide to have in their estate plan, such as wills or trusts.

Source: NerdWallet, “Caring for Aging Parents: Tips for the Sandwich Generation,” Mark Struthers, July 22, 2016