Are You at Risk for Becoming One of the Sandwich Generation?
August 3, 2012 By Purcell & Amen, L.L.C.
The sandwich generation is a relatively new term that applies to anyone who is at risk of being “sandwiched” between aging parents and young adult children. When both need your financial assistance, you can quickly find yourself in a both a financial and emotional crisis of your own.
In generations past, seniors could count on a variety of resources to support them as they aged. Social Security, pensions, and savings were typically enough to provide for the golden years. Today, seniors are living longer, meaning that available funds must stretch farther. In addition, pensions are all but gone, Social Security no longer provides enough monthly income to live off of and even a lifetime of savings can be gone in the blink of an eye with a serious illness or a chronic condition.
At the other end, young adult children are often staying home instead of moving out when they have the option. In today’s economy, finding a job for someone just out of college can be difficult. For the parents, however, having a child remain in the home long after you planned on an empty nest can cause financial and emotional stress.
For the child/parent who is caught in the middle, you may feel as though you are being pulled in two directions – both of which are taxing your finances and patience. In order to get a handle on the situation, sit down with your parents and have a very open discussion about their estate. If medical care is an issue, you may want to talk to your estate planning attorney about Medicaid planning.
You may also need to seek control over your parent’s estate through a conservatorship, power of attorney or revocable trust. Do the same with your children. Although they may not be in a position to completely leave the nest yet, they can certainly contribute to the family financial situation in a meaningful way. If they are not yet employed, they may be able to help with daily tasks and chores that your parents need help with. The key is to start talking instead of ignoring the stress you are under as a result of being part of the sandwich generation.
ABOUT THE AUTHOR: David Purcell
Experienced estate planning attorneys St. Louis MO of the Purcell and Amen, Attorneys at Law – Your Estate Matters, LLC offers estate planning and business planning resources to residents of St. Louis MO.
Copyright Purcell & Amen, L.L.C.
More information about Purcell & Amen, L.L.C.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
At the other end, young adult children are often staying home instead of moving out when they have the option. In today’s economy, finding a job for someone just out of college can be difficult. For the parents, however, having a child remain in the home long after you planned on an empty nest can cause financial and emotional stress.
For the child/parent who is caught in the middle, you may feel as though you are being pulled in two directions – both of which are taxing your finances and patience. In order to get a handle on the situation, sit down with your parents and have a very open discussion about their estate. If medical care is an issue, you may want to talk to your estate planning attorney about Medicaid planning.
You may also need to seek control over your parent’s estate through a conservatorship, power of attorney or revocable trust. Do the same with your children. Although they may not be in a position to completely leave the nest yet, they can certainly contribute to the family financial situation in a meaningful way. If they are not yet employed, they may be able to help with daily tasks and chores that your parents need help with. The key is to start talking instead of ignoring the stress you are under as a result of being part of the sandwich generation.
ABOUT THE AUTHOR: David Purcell
Experienced estate planning attorneys St. Louis MO of the Purcell and Amen, Attorneys at Law – Your Estate Matters, LLC offers estate planning and business planning resources to residents of St. Louis MO.
Copyright Purcell & Amen, L.L.C.
More information about Purcell & Amen, L.L.C.
View all articles published by Purcell & Amen, L.L.C.
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.
