Category: estate planning

Millennial caregivers – statistics and trends

Millennial caregivers – statistics and trends

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The National Alliance for Caregiving and AARP research and publish statistics and trends about millennial caregivers. The May 2020 report, The “Typical” Millennial Caregiver, gives insight into this new class of caregivers. Furthermore, in 2018, AARP published a fact sheet about how millennials are the emerging generation of family caregivers.

First, let’s understand who fits in the definition of “millennial.” According to the Pew Research Center’s article Where Millennials end and post-Millennials begin, millennials are born between 1981-1996.

Many of these caregivers are in their 30’s and are part of the “Sandwich Generation.” They are sandwiched between caring for  young children and caring for aging parents.

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Unclaimed life insurance? Don’t let your family lose benefits

Unclaimed life insurance? Don’t let your family lose benefits

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When my father passed, he left detailed instructions about his finances and life insurance policies. As he was an organized man, this was not surprising. What was surprising was that he had 5 different life insurance policies. Instead of getting one large policy, he added policies as his circumstances changed and his income increased. This was not a bad idea but I kept thinking as I filled all 5 claims, “What if he hadn’t written down all this information?”

A little-known fact is that unclaimed life insurance is a huge problem. You may have applied for life insurance benefits to provide for your family and diligently paid the premiums. However, your policy could be lost, misplaced, or forgotten. If so, your beneficiaries won’t know to collect your life insurance benefits.

Insurance companies are not obligated to contact you about a life insurance policy they are holding, even if they learn that the insured has died. Therefore, if your family does not know what policies you have, they do not know to file a claim upon your passing.

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When your aging parents won’t talk about their future plans

When your aging parents won’t talk about their future plans

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Are you a caregiver for your aging parents? At the very least, are you concerned about them as they age?

Oftentimes, children want to help their parents but the parents won’t communicate with them on what they need. When children want to help their aging parents plan for the future, they are met with resistance or “Brickwall Moments.”

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Social Distance Caregiving: Love in the time of Coronavirus

Social Distance Caregiving: Love in the time of Coronavirus

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Is it possible in the age of social distancing that we can also be a caregiver? Caregiving involves empathy and connection. You have empathy. However, maintaining a connection during mandated social distancing is difficult.

Social distance caregiving is similar to long-distance caregiving. Read this post for 10 tips for long-distance caregivers.

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Help Aging Family Members by Discussing Mobility Issues

Help Aging Family Members by Discussing Mobility Issues

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The following is a guest post by byACRE to share information for the Sandwich Generation. We do not have any financial arrangements with byACRE and do not profit from them.

The holiday season draws families, friends and neighbors together to spend quality time with one another. For many, this holiday season may be the first time they notice a change in a loved one’s health, including their personal mobility. It may be difficult to talk to aging family members about certain issues, mobility is an important one.

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First step in estate planning? Check beneficiary designations

First step in estate planning? Check beneficiary designations

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The easiest place to start estate planning is to make sure all your beneficiary designations and property titles are in the correct names. After all, major mistakes occur when you fail to check beneficiary designations. Beneficiaries are people you name to receive your property once you die.

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Personal care assistant: Does your parent need a helper ?

Personal care assistant: Does your parent need a helper ?

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When you are a parent of young children, a “mother’s helper” can be a godsend. They help around the house or watch the children so the parent can get things done. Shouldn’t there be a “daughter’s helper” or “son’s helper”? Someone to help your aging parents with household tasks, errands, etc.?

As more seniors choose to age in place, Personal Care Assistants (PCAs) are on the rise. Although they are not qualified medical assistants such as home health aides, personal care assistants provide many helpful services.

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Interview on The Income Generation Show

Interview on The Income Generation Show

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Interview with David Scranton on the Income Generation - Air Date 3/7/2019

I was honored to be asked back on the Income Generation Show with David J. Scranton. Although it was a brief interview, we covered many important topics:

  • Why is estate planning important to the “Sandwich Generation”?

  • How estate planning is as important during your life as it is at your death

  • How can you encourage aging parents to get started on their estate planning

  • How to organize legal documents in case of emergency: The 911 Binder

  • Three pieces of advice for estate planning

Click on the above link to watch the clip.

Naming guardians for your children

Naming guardians for your children

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When making their wills, the biggest hurdle parents face is deciding who should take care of their minor children. This is especially difficult when parents can’t agree on who the best guardian is for their children.

Recognize that no one will be as good as you in understanding your children. However, that doesn’t mean your guardian can’t do their best. You must identify the next best person. It is not an easy decision, but naming guardians for your children is one you should make.

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What is a living will? An explanation of advance medical directives

What is a living will? An explanation of advance medical directives

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A living will or advance medical directive is a legal document in which you declare, in the event of a terminal or end-of-life condition, to withhold or withdraw life prolonging measures.

This is important to determine what measures you want (or don’t want) to artificially extend your life. While this is an unpleasant decision to think about, it is more distressing to your loved ones. They will be the ones faced with these decisions. Especially if there is a difference of opinion among them. Of course, your loved ones want to do the “right” thing. However, there is often disagreement about what the “right” course of action is.

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