Are you a member of the Sandwich Generation? Do you care for your children but also help take care of your aging parents? Even if they do not live close by, do you have concerns about their care?
Are you in your 50s or 60s, sandwiched between aging parents, adult children and grandchildren or are you in your 30s and 40s, with young children, aging parents, and grandparents? Then you are part of a Club Sandwich, a term coined by Sandwich Generation writer and expert, Carol Abaya.
Are you helping anyone with eldercare? Then you are part of an Open-faced Sandwich.
According to a 2013 Pew Research Study on the Sandwich Generation: Nearly half (47%) of adults in their 40s and 50s have a parent age 65 or older and are either raising a young child or financially supporting a grown child (age 18 or older).”
No matter what “sandwich” you find yourself in the middle of, there are common medical, financial and legal issues when responsible for the care of so many. If you are responsible for caring for others, there are legal documents that can help.
Medical/Health Care Power of Attorney
Due to restrictive laws of the Health Insurance Portability and Accountability Act (HIPAA), it is difficult to get medical information on your parent or child over the age of 18. You will need to have permission to speak with their doctors. This can be done through HIPAA Release Forms. However, it can be burdensome to get a HIPPA release form for each doctor they see.
A Medical or Health Care Power of Attorney is a document which allows someone name an “agent” or “surrogate” to get medical information and make medical decisions for their care if they are unable to do it themselves. Have your parent or adult child name you as their health care surrogate. In an in emergency, it can cut down on red tape. You will be able to speak with their doctors immediately and make necessary healthcare decisions. This is particularly important if your parent or child lives far away from you.
If your elder parent is unable to handle their finances, they might designate an “agent” to manage their money and affairs. A Financial or Durable Power of Attorney is a powerful document which allows someone act on their behalf. The agent is able to step in and make all financial decisions. Because an agent has these significant powers, it is a good idea to talk to an estate planning attorney.
Consider a “springing” power of attorney. This type of power of attorney is only active if one or more physicians certify that there is an incapacity. You might consider this if your adult children are single. They do not have anyone to make their financial decisions if they are incapacitated.
An Advance Medical Directive or Living Will allows someone to declare if they want life prolonging measures taken. If your parent has a terminal or end-of-life condition, they decide what steps to take for their care and comfort. Having these directives take the stress and burden off of loved ones having to make these decisions.
Last Will and Testament
If your parent dies without a will, a probate court determines how to handle their estate. A will speeds up probate and the administration of their estate, saving time and money. Your parent may not want a court to decide how to distribute their property. Or who has custody of their minor children, if any.
Revocable Trust
Revocable trusts can plan for incapacity, avoid probate, reduce estate taxes, and preserve assets.Ask your estate attorney about whether a trust is a good idea for your family.
Talk to an estate planning attorney about how these legal documents can help you care for your children and aging parents. You will find comfort in planning for the future care of your family.
