Sandwich Generation Planning
Estate Planning for the Sandwich Generation
Does this sound like you? You are trying to pay your bills, save for retirement and deal with incredible expenses for your child’s education. And on top of that helping your aging parent, or at the very least worrying about him or her. Well, I can’t help you with the financial aspects of these difficult challenges, but I can ensure you have a plan in place for you, your parents, and even some basic essential documents for your young adult children.
First things first: You need a Plan
First, you need a plan in place in case something happens to you. If you children are over 18, you won’t need to name a legal guardian, but you may still want to protect any assets they may inherit. Very few of my clients are certain that their children will responsibly manage and conserve the estate they plan to leave for them. Most are not. They worry their children might squander the inheritance, might lose it in a divorce, or just plain mismanage it. We can create a plan, using a Will or trust , that protects your hard earned assets from creditors, predators, and even your children’s own irresponsibility.
Do your Parents have a plan?
Next, if you are going to be helping your parents, you should verify they have the right documents in place, including a durable power of attorney so you can manage their finances if necessary, and a health care proxy so you can make health care decisions if they can’t. You should check to see if they have current Advance Directives in place as well.
Why your your adult children need a plan
Finally, believe it or not, your young adult children should have the same documents in place. Why? Because once your son or daughter is over 18, if something happens and he or she can’t make their own decisions, whether due to an accident or illness, without a durable power of attorney or health care proxy you may not be able to help them the way you’d like.
Peace of mind
With these plans in place, you can rest assured that whatever comes your way, you have the documents you need to deal with it.
Steven has the character and expertise to be an extraordinary choice for your estate planning or family members or colleague. He possess the experience, resources and knowledge the large firms have, however places his clients best interests as #1.John H.
Free Dinner Workshop November 12, 2015
Are you trying to pay your bills, save for retirement and deal with incredible expenses for your child’s education. And on top of that helping your aging parent, or at the very least worrying about him or her. If so, come join me and Neil Manning for an interesting and educational evening where we explore the financial and estate planning challenges that face the sandwich generation.
Seating is limited, so please RSVP to Steve@baschelaw.com as soon as possible.