(WTNH) — Are you a part of the ‘sandwich generation’? This is when a person is financially taking care of their children and their parents at the same time.
Financial Consultant shares his suggestions to help those stuck in the middle to find financial footing.
Tips for the Sandwich Generation
· Get organized.
Most people who are confident in their financial futures are highly organized.
· Find an elder care attorney. Working with an elder care attorney can serve multiple purposes including:
Creating the right legal documents to ensure that wishes and wants are met.
Providing an objective third party to help facilitate conversations with family members.
Protecting assets when there’s a need for long-term care and you’re considering Medicaid.
· Consider some type of long-term care insurance.
Look for a group benefit to get a discount on this coverage.
· Find good care.
· Find time for yourself.
Tips to help future generations
· To avoid your children being part of the future “Sandwich Generations” proper planning is important.
Work with professionals to create an estate plan. Consider working with an attorney and financial advisor. Determine who will make financial and healthcare decisions for you in the event that you’re incapacitated.
Keep a list of passwords.
Start the conversation early.