Baby Boomers are often called “the sandwich generation” – sandwiched between caring for their parents as well as for their own kids.
If that describes you, one of your greatest challenges – both emotionally and financially – is to make sure your folks are prepared for their later years.
First you must find out if your parents have adequate medical insurance, long-term care insurance, or enough money to cover nursing home care. Do they have a will as well as durable powers of attorney, living trusts, living wills, or other medical directives? And have they budgeted enough so they won’t outlive their income?
That discussion, while emotionally painful, is critically important. Most parents, of course, don’t want to talk about it.
Here’s my advice: Try to show them that you’re not so much interested in their assets as you are in seeing that they are cared for and their wishes fulfilled.
If you don’t plan well, their sunset years, and their eventual demise, could create unintended consequences for you both. So even if it means bringing in a financial professional as a third party, this is a talk you need to have.