July is National Sandwich Generation Month. Are you a member of this lesser-known generation? You might be without actually knowing it.
The Sandwich Generation is defined as being old enough to have children of your own but young enough that one or both of your parents are still living. More than half of Americans in their 40s are a part of this group. This, of course, brings estate planning into focus as you have three generations (in some cases, even four) to account for in your own estate plan while also accounting for the planning needs of the generations around you.
At NG Law Firm, we believe in planning that accounts for all generations of the family. Every generation has its story and their legacy; our team wants to bring peace of mind to each generation through effective estate planning.
Estate Planning for Your Parents
There are a number of crucial planning elements that all adults with living parents should consider. In particular, your family needs a plan for the cost of long-term care should your parents need it. This is a cost that often crushes families who aren’t ready for it when that day comes.
Long-term care is a difficult topic for many families. We don’t want to force our parents into an assisted-living facility or similar circumstances, but it’s often what’s best for their health and well-being. Broaching this subject with your parents and establishing an effective long-term care plan is vital.
Another crucial planning piece for aging parents is having a financial and medical power of attorney established to ensure you or another loved one has access to the necessary financial and medical decision-making tools to support your parents when they’re unable to do so themselves. Additionally, you and your parents should work together to establish family trusts that protect the legacy of your living parents while also properly transitioning assets to members of the family when your parents pass away.
Estate Planning for Your Children
Having children undoubtedly impacts your own estate plan, but thankfully, this process is more focused. Parents should have a guardianship in place to protect their children should something go wrong in their lives that leaves them unable to care for their children on their own. Additionally, if your children are nearing young adulthood then it’s apt to have power of attorney over them to ensure access to their financial and medical circumstances when they move out on their own or take off to college.
Estate Planning as a Member of the Sandwich Generation
Through all of this, you must not lose sight of your own estate plan. It’s easy to spread yourself thin focusing on planning for the generations around you. Your parents need you and your children need you—but you need you, too.
Your own estate plan is going to have the most nuance in all of this because you must protect your legacy while ensuring you have enough resources available to pay for the care of your family, live a fruitful life, and plan for your own retirement. Contributing to tax-advantaged retirement accounts with excess cash allows you to avoid losing your money to taxes while setting yourself up for a positive retirement experience.
Your estate plan needs to be thorough and account for what would happen tomorrow if you’re no longer around to take care of both your parents and your children. This involves setting up trusts that dictate where assets go and which are used to fund or care for each loved one.
Generational Peace of Mind With NG Law Firm
At NG Law Firm, we believe the story of every generation matters. We want to help members of the Sandwich Generation plan for the care of their parents, the lives of their own, and the growth of their children. If you’re in the Sandwich Generation and need help navigating the complex estate planning challenges you’re facing, contact NG Law Firm to get started today.
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