If you’re simultaneously supporting aging parents and raising children, you already know the particular kind of exhaustion that comes with it. You’re managing school schedules and doctor appointments on one end, and insurance paperwork and care decisions on the other. Your own needs, including your own planning, tend to get pushed to the bottom of the list.
This is understandable. It’s also worth reconsidering.
The sandwich generation faces a unique estate planning situation, because the stakes run in both directions. Without a current, comprehensive plan of your own, a health crisis or unexpected death could leave your children without adequate protection at precisely the moment your parents may need continued support. The people depending on you would be left to figure things out without the legal infrastructure to do so efficiently.
What does thorough planning look like for someone in this position?
It starts with the fundamentals: a will that names a guardian for minor children, a revocable living trust that keeps your assets out of probate and accessible to the right people at the right time, and powers of attorney and healthcare directives that give someone you trust the authority to act if you’re incapacitated.
It also means thinking clearly about who carries which responsibilities. The person best suited to manage finances may not be the same person best suited to raise your children. The person who can step in for you locally may not be the person you’d choose to manage a complex estate. A thoughtful plan accounts for these distinctions.
And if you’re also helping your parents with their planning – or stepping in because their planning wasn’t complete – that experience is a powerful reminder of what you want to spare your own family.
There’s no better time than now to get it done.
We can help! If you’re ready to get started on your planning, begin by booking a Peace of Mind Planning Session. We’ll answer your questions, go over your options, and talk about our flat fees. Mention this article and we’ll waive the $300 session fee. BOOK HERE.