ARE YOU PART OF THE “SANDWICH GENERATION?” IF SO, HAVE A PLAN

Anyone experiencing the challenge of simultaneously caring for children and aging parents is part of the “Sandwich Generation”. If this sounds familiar, please know you are not alone. You and a growing number of our population are experiencing significant anxiety and stress as you juggle schooling and activities for your kids, your own career and increased financial expectations, family dynamics, and daily caregiver duties for aging parents. Though this is a challenging time in your life, it doesn’t have to be as impossible as it may seem. Money management and estate planning are two critical elements in creating a mutually beneficial living experience for you and your loved ones. There are also some basic steps, personally and financially, that you can take to help get you through.

Personal Considerations

• It may sound too easy, but simply prioritizing tasks can make a big difference. Especially for those of us in the Sandwich Generation, we often seem to have an overwhelming number of responsibilities each day. Prioritize between urgent and non-urgent tasks and identify what needs to be addressed first. 
• Make time for self-care to avoid caregiver burnout. Again, it sounds almost too simple, but we often forget to do this. Focusing on basics like nutritious meals, adequate sleep, and exercise will benefit you and your loved ones.
• Know your rights at your workplace. Programs like the Family Medical Leave Act (FMLA) offer job security to those taking a leave of absence for family medical reasons. While it is not a paid benefit, you will maintain access to your health insurance benefits for up to twelve weeks of time off. If you haven't done so yet, it might also help to explore working remotely so that you can be in the same location as those you care for.
• Share your feelings about your burdens and get extra help when you need it. Communicating with and being open with your family members can better manage everyone's expectations. There are also community resources that can connect you with those dealing with the same issues, and where you can share information and offload burdens. And don’t hesitate to connect with a mental health professional. There are many available who have experience working with folks with similar stresses and concerns.

Financial Considerations

• Make an honest evaluation of your available resources before determining a course of action. Are your parents able to pay for their care on their own, even within your/their own home? Do they carry long-term care insurance or whole life insurance policies with living benefits? Do you have other family members willing to contribute financially, or is a public assistance option viable?
• Talk things through with your parents about their preferences and abilities to pay. Include any siblings you may have and figure out who can help provide care and whose home provides the best solution. If external help is a must, research local resource possibilities and costs. Most importantly, consult an elder law attorney to ensure all relevant legal document requirements are at hand if a sudden financial or medical decision presents itself.
• Don’t overlook the needs of your own retirement that will protect your children's lifestyle and future. College funds need to be a priority, as is a 401(k) plan if your place of employment offers one. Consider the purchase of a term or whole life insurance policy to protect your family's future in the event a tragedy befalls you and your ability to care for your family. Start an emergency fund right away, as life is unpredictable. This fund can help cover incidental costs, unexpected medical bills, and a long-term hospital stay. Unexpected costs can throw your budget out of whack so try to be prepared ahead of time with some emergency cash on hand. 
• If your sandwich generation status continues for a long time, re-evaluate your finances periodically. Goals will change, and updating your estate plan and possibly your parents' plan too may help you stay on track to meet your nuclear family's long-term goals. You may need to renovate your home as your parents age for both their comfort and safety.

While this may not be the easiest time of your life, it is survivable and is a situation where you can all thrive with adequate planning.  At The Knee Law Firm, Ltd we’re familiar with structuring these types of plans and work with many clients facing these same challenges.  We would be happy to discuss your situation and how we might help.

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