Have you ever felt squeezed by the responsibility of caring for your children while also helping your aging parents? If so, you are part of the new Sandwich Generation—a generation caught in the middle of caring for their own children as well as their aging parents. As the Baby Boomers get older, the numbers of those sandwiched in the middle is vast.
You’ve thought about what will happen to your children if you die or become incapacitated, but have you thought about what will happen to your parents? Will your siblings step up to help your parents get to their doctor’s appointments? Will your parents have to rely on their neighbors to make sure their bills are paid?
For those feeling the pinch, the most important thing to know is—DO NOT WAIT! It is never too early to properly plan for your parent’s physical and financial needs in case you are not available to help. This issue is seldom addressed in estate planning, with sad consequences for the one in four families—45 million Americans—feeling the pressure of caring for elderly parents.
Will your parents need long term care if you aren’t around to help? Currently, over two-thirds of people age 65 or over need long term care. This care may be provided at home, in adult day care, assisted living, or even in a nursing home. Social Security and Medicare won’t pay for long term care, and your health insurance won’t provide coverage either.
Parents are living longer, and as they age, their expenses sky rocket and deplete their resources. It should not come as a surprise to you that if your parents fail to plan properly, your help may be needed to pay for their long term care. If something happens to you, who is going to help financially?
What can you do right now to plan ahead? Start with the following:
FIND A QUALIFIED ATTORNEY: Who can help you and your parents plan ahead. The attorneys at MH can help you find ways to pay for your parents’ long term care and can help your parents get the right care they need and deserve.
MAKE A LIST: Of responsible people you trust and who you want involved in the event of your passing. For example, make sure your loved ones know about those currently helping your parents and about your close family members and friends.
SELECT A TRUSTEE: To control the funds you set aside to care for your parents, children or other loved ones.
LOOK INTO LIFE INSURANCE: As an effective means of leaving funds to help pay to care for your loved ones.
To schedule a fee consultation with the attorneys at MH, call 888-222-1328.
Contributed by MH Phoenix Estate Planning Attorney and Senior Partner, Dan R. Morris.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in New Mexico that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.