Welcome to the Sandwich Generation The “me” generation is rapidly becoming the “sandwich” generation. If the term is foreign to you, don’t feel left out. It is simply a new term that is being used to describe people born in the 50’s and 60’s who are suddenly feeling as though they are being “sandwiched” between the needs of aging parents and young adult children. The pressure from both ends can be an emotional and financial strain on anyone. There are, however, things you can do to help ease the pressure of being one of the sandwich generation. With the exorbitant cost of healthcare in the United States today, many of America’s elderly find themselves unable to pay for much needed healthcare. A lifetime of savings rapidly disappears and they suddenly find themselves having to turn to their children for help. On the other end of the spectrum, the current economy finds many young adults who are just finishing college without a job and with bleak prospects for finding one in the near future. When that happens, they often turn to their parents and end up back in the “nest,” just when mom and dad thought they were looking at an empty nest. The stress of having to care for both aging parents and struggling young adult children can put a real stress on your life, your marriage, and your finances if you let it. If you find yourself in this situation, or think it could happen to you, start by talking to your parents and your children. Find out what your parent’s financial situation really is so that you can make an informed decision about where they may be in a few years. If they may need Medicaid coverage, talk to your estate planning attorney about how to plan for that. If you think you may need to take control over their assets and finances, consider creating a trust or executing a power of attorney. The key is to do something now before your options run out. By the same token, talk to your children. While they may not be in a position to be self-sufficient at the moment, they can certainly do their share to contribute to the extended family finances. They may even be able to help take care of their grandparents until they find a promising job. By attacking the problem head one, you can limit the stress that could result by burying your head in the sand. Experienced estate planning attorneys Roseville CA of the John Rogers Burk, A Law Corporation offers estate planning and business planning resources to residents of Roseville CA. To learn more about these free resources, please visit www.roseville-estate-planning.com/ today..
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