The Sandwich Generation Financial Responsibility Position!
We often hear from individuals who have aging parents and children that are just a few years away from college and the pressure they are under to help both financially. They have no idea how they will be able to supply the funds or resources to meet their needs. Seek out help with the needs of the aging parents by planning before an extended sickness or accident happens. Being proactive will save the family time, money, and sanity. Find experts to meet with aging parents and include adult children to determine the best options to protect the assets and income of parents and adult children. It’s just a matter of time before the Government enacts laws which will make adult children liable for their aging parents long-term care expenses. There are already 30 states that have Filial Responsibility Laws which establish a duty for adult (non-indigent) children to care for their elderly parents. By burying your head in the sand and saying it will never happen to me, is not proper planning. Meet with an expert in this field and design a plan that will work for aging parents and adult children.