Taking Care of Aging Parents Squeezes Generation X (with Wendy Hayes and Michelle Thompson)

IRC WealthCast

With responsibility for taking care of aging parents while also raising a family, Generation X is feeling the squeeze of being a “sandwich generation.” This can be especially stressful when two thirds of Generation X say they haven’t fully recovered from the Great Recession, yet an increasing number are providing financial support for both their children and their parents. And even if elderly parents don’t require financial help, most will need assistance with managing assets, estate planning, and living arrangements. Communication, trust and transparency If this scenario sounds familiar or is on your horizon, tune in to the first in a two-part series where we discuss the steps you and your parents can take to establish communication, trust and transparency that can help: Alleviate your parents’ fears and reassure them that their wishes will be honored Avoid frustration and reduce complications in the future Maintain expectations among family members regarding roles and inheritances In this WealthCast, two Generation Xers — Wendy Hayes, a financial analyst who works in family law, and Michelle Thompson, a financial planner and attorney — share their personal stories of dealing with aging parents, dementia, forgotten assets, powers of attorney, and blended families, all while juggling their own demanding careers and immediate family obligations. From their experience, you’ll learn: The paperwork your parents should have in addition to a will. How to talk to them about their assets, even if they’re not very forthcoming. The benefits of meeting your parents’ banker, attorney, financial planner and/or other advisors who you may need as a trusted, objective resource in the futures. Other recommendations from naming executors to working with a mediator. Planning for the inevitable As Wendy and Michelle acknowledge, none of this is easy, especially when you’re dealing with so many other stressful aspects of life. However, as Michelle says, “By taking the steps to help your parents establish a plan, everyone in the family will have a better understanding of how the inevitable is going to play out. Because it is inevitable.” https://ircwealth.com/irc-wealthcast-054-generation-x