Estate Planning for the “Sandwich Generation”

Are you taking care of both young children and elderly parents? Are you providing emotional, physical and financial support to both ends of your family? Are you in the prime of your career but spending every waking moment outside of work acting as a caretaker? If so, you are not alone - you are part of the “sandwich generation.” This term was coined in 1981 by Dorothy Miller and has been illuminated further by elder care expert Carol Abaya who categorized the following scenarios:

-Traditional: those sandwiched between aging parents who need care and/or help and their own children.
-Club Sandwich: those in their 50s or 60s sandwiched between aging parents, adult children and grandchildren, or those in their 30s and 40s, with young children, aging parents and grandparents.
-Open Faced: anyone else involved in elder care

So what should you do if you are part of these groups? First and foremost you need to find ways to take care of yourself so that you can continue to help everyone in your family. While many aspects of your life may feel uncertain and out of control you do have concrete options for what you can do.

One of the most powerful tools you have at your fingertips is estate planning. Estate planning involves making decisions about who will handle your financial, legal and medical affairs in the event of incapacity or death. You can start out by making an estate plan for yourself. Then you can encourage other family members in your life to get their affairs in order like your aging parents and your adult children. But estate planning is more than a stack of documents - it is about conversations, decisions and family bonding.

Take an opportunity to start a conversation with your family about the following topics:

1) Do you have a general plan for your future?
2) Do you feel comfortable speaking with me about it?
3) Would you like my input?
4) If so, have you considered getting professional help to make a specific plan for your finances, legal and medical affairs?

I understand from first hand experience both as an estate planning attorney as well as a member of this generation sandwiched between my seven-year old twins and my aging parents.

If you would like to discuss more, do not hesitate to reach out to schedule a free consultation.