There is an ever-growing set of circumstances in Nevada affecting families in all walks of life. Referred to as the baby boomers, a group of middle-aged adults is finding itself raising children and caring for aging parents simultaneously. Aside from the emotional cost this type of family blending can have, there's a financial toll that needs to be considered. Estate planning and other long-term care strategies can help lessen the burden on this so-called sandwich generation.
Clark County folks appreciate mom and dad. But that doesn't mean making unintended changes to their own families will be easy. As they contemplate the expenses of raising their own children and facing their own unknown futures, adding provisions for aging parents into the mix is a serious undertaking. But according to experts, a good approach to ease the way is with careful consideration of the family finances.
A conversation to ascertain parents' preferences is recommended. Older men and women who haven't put wills, powers of attorney and other estate planning in place may be resistant at first. Experts suggest a gentle nudge with knowledgeable explanations of how to plan in advance for their intentions to be followed. Using a perspective of caring concern to protect their wishes might help in putting those valuable documents in place.
Perhaps long-term care insurance is the right choice. Depending on the qualifying factors, it may be that children go ahead and pay the premiums for their parents if they can afford to do so. The peace of mind this can create is often well worth the cost.
Life spans are reportedly increasing. Medical care notwithstanding, helping to provide a good quality of life for parents as they age is something more people will face as time goes on. Baby boomers in particular are dealing with these issues now. Caught between two generations, the predicament may lessen for these folks with sound financial and estate planning for themselves and their parents.
Source: The Wall Street Journal, "Sandwich Generation: Early Financial Planning is Key" George Papadopoulos, Mar. 21, 2014