The sandwich generation has it rough: they’re juggling their finances, helping out their kids AND taking care of their elderly parents. In this article, we’re just focusing only on the elderly parents the adult children are trying to look after. We’ve written a lot in the past about the importance of taking care of your loved ones, including your elderly parents.
Parents may be reluctant to have a discussion on their financial matters. One place to start is having a frank discussion with your (elderly) parents about their finances. Their finances, bank accounts, offering advice, etc. A thorough look into their finances to offer support and advice can be useful. Offer advice, but don’t take over their finances. It is also important to be aware of their professional contacts: their attorney, doctor, insurance agents, financial advisors, etc. Also note that if you have siblings who can help, how the responsibilities will be divided up. If one sibling lives closer, can they shoulder responsibilities during the week, and if you live farther, can you take over other responsibilities during the weekend? Although it’s rarely discussed anymore, children may want to look at having their parents move into an inter-generational household, and help your parents out that way.
The following article is a good way to get started.