Balancing Estate Planning for the ‘Sandwich Generation’

Navigating the complexities of estate planning while caring for aging parents and growing children, known as the Sandwich Generation, requires a thoughtful and multi-faceted approach. 

It’s essential to balance both generations’ financial, emotional, and logistical needs effectively. 

✅ Long-term care planning: Consider the potential need for long-term care for elderly parents. This may involve purchasing long-term care insurance or exploring other financial strategies to cover these costs. 

✅ Education funding: For those with children, setting up education funds like 529 plans can be a crucial part of estate planning. These plans offer tax-advantaged savings for future education expenses. 

✅ Estate liquidity: Ensure sufficient liquidity in your estate to cover potential costs like caregiving, medical bills, or immediate living expenses for dependents. Life insurance policies can be a crucial component in providing this liquidity. 

✅ Updated Wills and Trusts: Regularly review and update your will and any trusts to reflect the changing needs of your parents and children. This might include establishing special needs trusts or other arrangements for dependents. 

✅ Healthcare Directives and Powers of Attorney: It’s important to have healthcare directives and powers of attorney for yourself and your elderly parents. These documents ensure that decisions can be made that align with everyone’s wishes in the event of incapacity. 

Navigating estate planning as a member of the Sandwich Generation means considering a more comprehensive array of factors and potential scenarios. 

Thoughtful planning ensures you can provide for your parents and children, protecting and supporting them through all life stages.  

We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help.