Thousands of Americans are known as the Sandwich generation as they are caring for their parents while still being involved in the raising of their own children. In a study released by the Pew Research Center, one in seven Americans are squeezed between obligations to their parents and to their children.
Oftentimes, members of the Sandwich generation feel guilty and stressed. With the combined pressure of raising their own children, caring for their parents and working, many find that they are overwhelmed.
According to the Bureau of Labor Statistics, demographic changes are behind the creation of the Sandwich Generation. Longer life expectancy and later ages of childbirth means that many Americans have dependent children and parents who are still living. These demographic changes can have serious financial implications.
Providing care for an aging parent can be extremely expensive with high costs of care. Becoming a primary caregiver can also be a financial hardship as it may prevent the caregiver from working. Caregiving can be stressful and emotionally draining as you make the transition into parenting your parent.
There are many questions that arise in this situation that can be best answered by an elder law attorney. An experienced elder law attorney can help structure a plan of action to protect your assets and your parent’s assets from the rising costs of care. For example, Medicaid planning may become necessary when care can no longer be provided in the home. An elder law attorney can also help you understand that outside help may be available (such as a Geriatric Care Manager) to help lift some of the burden of being a primary caregiver.