SanGenLife

This Sandwich Generation infographic courtesy of caringpeopleinc.com shows the latest statistics of those caring for children and aging parents.

Highlights about the Sandwich Generation

• 44% of people aged 45-55 have at least one parent still living and at least one child under the age of 21.
• 66% of senior caregivers are women.
• 15% of people in their middle ages are financially supporting their parents and children.
• 84% of caregivers have responded that they are happy or very happy in their role as a caregiver.
• 21% of Hispanics, mostly women, are caregivers for both their parents and children.
• Caregivers face personal, financial, and emotional stress in their responsibilities as a caregiver.

Sandwich Generation Infographic

How Estate Planning Can Help the Sandwich Generation

As you can see from the Sandwich Generation Infographic, caregivers have a lot of responsibilities. Caregivers also face a huge amount of stress. However, proper estate planning can help manage the care of children and aging parents. Ask an estate planning attorney about the following critical documents.

HIPAA Release

Under the Health Insurance Portability and Accountability Act of 1996, sensitive medical information cannot be released without the patient’s consent. Doctors must keep information private to protect the patient. However, what if the patient is unable to communicate? A HIPAA release form allows a caregiver to speak with doctors and get medical information on their parents or children. This is particularly helpful if the caregiver is not always present with the patient. For example, if you have a child at college or a parent who lives out of state. And if your child is over the age of 18, you need their release for medical information. This is true even if you pay for your child’s medical bills.

Health Care Power of Attorney

A health care power of attorney is a document used when your loved one is incapacitated and can’t make medical decisions. They designate someone to have access to health information and make decisions relating to their care and comfort. The advantage over a health care power of attorney is that it can be used with any doctor.  With a HIPAA release, you have to fill out a form with every doctor.

Financial Power of Attorney

If your parent is unable to handle their finances, they might designate an “agent” to manage their money and affairs. A durable power of attorney allows someone to make all financial decisions on your parent’s behalf. Because an agent has these powers, it is a good idea to have a conversation with an estate planning attorney.

Living Will

A living will or advanced medical directive allows someone to declare what life-prolonging measures they want to be taken. If your parent has a terminal or end-of-life condition, they detail the final wishes regarding their care. Because your parent calls the shots, the family is not burdened with making these decisions.

Last Will and Testament

If your parent dies without a will, a probate court determines how to distribute their estate. A will speeds up probate and the administration of their estate. Additionally, your parent may not want a court to decide how their property is given and who has custody of their minor children. Also, ask your estate attorney about whether a trust is a good idea for your family situation.

Caregivers bear enormous responsibilities. However, proper estate planning can help you through difficult life events and make situations easier. Make an appointment with an estate planning attorney today. Or get Estate Planning for the Sandwich Generation: How to Help Your Parents and Protect Your Kids.