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

Dave Ramsey is an American financial author, radio host, and motivational speaker. He is the host of a radio show called “The Dave Ramsey Show,” which is a personal finance talk show that airs on radio stations across the United States. Ramsey is known for his approach to financial management, which emphasizes the importance of saving money, living within one’s means, and becoming debt-free. He has written several books on personal finance, including “The Total Money Makeover,” which has become a best-seller. Ramsey’s financial advice is aimed at helping people take control of their finances and achieve financial stability and success.

Although Dave has often been praised as somewhat of a “financial guru” he has also been criticized as being outdated in his advice for the younger generation: for instance, Ramsey has been critical of remote work-from-home policies, working minimum wage jobs, and he has also been critiqued for his own employee policies. He has been criticized for allegedly discriminating against his own employees.

Despite all of this, he famous money mogul has helped thousands get out of debt. He’s also offered sound advice on how to choose an Executor for your Last Will and Testament. Should you, for instance, choose an Executor who lives nearby? Dave offers advice on this topic, which you can read here.

We’ve written about in-fighting among family members when the deceased leaves behind their assets, estate but no Last Will and Testament for their loved ones. This pattern repeats itself, no matter if the deceased is a celebrity or not. Here’s an interesting story about how a bolt ring almost broke up an entire family: 

Bolt rings, also known as split rings or split ring connectors, are often used as an alternative to traditional nut-and-bolt fasteners because they can be easily installed and removed without the need for tools. Bolt rings are commonly used in a variety of applications, including as fasteners for jewelry, key chains, and other small items that need to be securely attached.

Mrs. M, from British Columbia, left behind her estate and some assets, one of which included a bolt ring. This bolt ring apparently became a huge source of contention among her children. The ring in question had no monetary value but nonetheless, her children fought over the ring, and it nearly ripped the family apart. Patti, the daughter, requested to have her brother, Donald, removed from his role as the Executor.  Donald, for his part, would only agree to this if the ring in question were passed on to their other brother, Alan. 

This is one of those stories that just makes you want to shake  your head. How was it resolved? Click here to find out. 

Britney Spears

Britney Spears is a pop singer who first gained fame in the late 1990s as a teenager with her debut single, “Baby One More Time,” which became a global hit and launched her career as a pop star. Over the course of her career, Spears released several successful albums and singles, and  won numerous awards for her music and performances. She also appeared in films and tv, and has been a judge on the show “The X Factor.” Spears has had a highly publicized personal life, and her struggles with mental health and other issues have been the subject of media attention. Despite the challenges she has faced, she remains a popular and influential figure. .

If you’ve been following the news at all, you have no doubt heard about Britney Spears being released from conservatorship. Over the past thirteen years, she was under the thumb of her father, who controlled her life, her finances, her schedule, etc. All of this took a devastating toll on Spears’ already diminishing mental health. Spears had a few bizarre outbursts in public 13 years ago, which lead to media speculation over her mental issues. This lead to conservatorship over her life by her father. Spears alleges that not only did her father run her life, but that her sister and mother were complicit in controlling every aspect of her life. Spears is lucky, compared to other people in conservatorship; she has vast resources that others like her may not be able to capitalize on. Not only does Spears now have control over her finances and assets, but she also has the ability to execute her own estate planning documents. Previously, her father set the rules as to how Spears’ estate would be dispersed. Now, Spears has the ability to make changes to her finances and her estate as she sees fit. You can read more  here.