How does the Sandwich Generation Plan for The Future? (Part 2)
Dec. 11, 2023
Preparing Estate Planning Documents
It’s an excellent idea to consult your attorney about legal documents if a sudden financial or medical decision presents itself. You need to have the legal power to make important decisions for your aging parents and minor children.
Your parents may need more help as their health declines or they experience dementia. You may need to renovate your home as your parents age for their comfort and safety, or eventually look for professional services and facilities. Also, review your retirement savings and other investments that can protect your children’s lifestyle and future.
College funds need to be a priority, as is a 401(k) plan if your place of employment offers one.
Consider the purchase of a term or whole life insurance policy to protect your family’s future in the event a tragedy affects your ability to care for your family.
Start an emergency fund to help cover incidental costs, unexpected medical bills, and a potential long-term hospital stay. Unexpected costs can throw off your budget.
If your sandwich generation status continues for an extended time, re-evaluate your finances periodically. Goals will change, and updating your estate plan (and your parents’ estate plan, too) may help you stay on track to meet your family’s long-term goals.
Money management and estate planning are critical elements to creating a mutually beneficial living experience as part of the sandwich generation. While this may not be the easiest time of your life with the extra demands placed on you, it’s possible to manage and even thrive with adequate planning.
Speak with your attorney to structure these types of plans. They educate families about issues faced by seniors who may be experiencing declining health, evaluate health care facilities and services, and provide family resources for caregiver support.
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Let your kids place an order. Once a week, allow your children to choose what's for dinner and cook it for them.