If you’re like most people, you aren’t eager to spend time thinking about what would happen if you became unable to direct your own medical care because of illness, an accident, or advanced age. However, if you don’t do at least a little bit of planning — writing down your wishes about the kinds of […]
Sandwich Generation Infographic: Statistics and Trends This Sandwich Generation infographic courtesy of caringpeopleinc.com shows the latest statistics and trends on people caring for children and aging parents. The takeaways? 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 [...]
Sandwich Generation Infographic: Statistics and Trends
This Sandwich Generation infographic courtesy of caringpeopleinc.com shows the latest statistics and trends on people caring for children and aging parents. The takeaways?
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.
As you can see, caregivers have a lot of responsibility. Proper estate planning can help the caregiver handle future life events. Ask an estate planning attorney about these important documents:
Allows a caregiver to speak with doctors and get medical information on their elder parent. This is important under the Health Insurance Portability and Accountability Act. Doctors must keep information private to protect the patient. This is particularly helpful if the caregiver is not always present with the patient.
Health Care Power of Attorney
Your parent would use a Health Care Power of Attorney if they are 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. Click here for information on How to Choose a Health Care Power of Attorney.
Financial Power of Attorney
If your elder parent is unable to handle their finances, they might designate an “agent” to manage their money and affairs. A Durable Power of Attorney is a powerful document which allows someone act on their behalf. Because an agent has these powers, it is a good idea to have a conversation with an estate planning attorney.
Advanced Medical Directive
An Advanced Medical Directive or Living Will allows someone to declare what life prolonging measures they want taken. If your parent has a terminal or end-of-life condition, they state how they would like their care handled. Because your parent calls the shots, the family is not burdened with 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, if any. Also, ask your estate attorney about whether a trust is a good idea for your family situation.
Caregivers bear enormous responsibility. 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.
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Posted in estate planning, sandwich generationTagged advance medical directive, caregiving, durable power of attorney, financial power of attorney, health care power of attorney, infographic, medical power of attorney, sandwich generation, trusts, wills
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