I wanted to share some thoughts that might resonate if you’re part of what’s often called the “sandwich generation” — those of us balancing the care of both children and aging parents.
Supporting Everyone, Now and Later. With so many people depending on you, it’s worth considering how your estate plan could help protect assets for both generations. Some families explore options like setting up trusts that provide for parents now and later pass remaining resources to children. Others look into strategies for reducing tax burdens through gifts to children or parents or by making direct payments for a parent’s medical expenses.
Planning for the Unexpected. It’s also important to think about what would happen if you (or someone in your family) couldn’t make decisions due to illness or injury. Putting powers of attorney and health care directives in place for yourself, your parents, and other adult family members may help avoid court involvement and ensure that trusted individuals can step in if needed.
Easing Future Stress. The clearer the plan, the smoother things tend to go. Taking time to talk with your family about your
wishes, responsibilities, and who will handle what can go a long way toward preventing confusion and conflict later. And since needs change, it’s wise to revisit your plan regularly to keep it aligned with your current circumstances.