BOSTON: The “sandwich generation” is a term coined for families squeezed between taking care of an aging parent and raising young children or supporting adult children.
This is becoming all too common with about one-in-seven middle-aged persons taking on financial responsibility for both a parent and a child, according to the Pew Research Center.
If you find yourself “sandwiched,” you may discover that your own retirement is at risk. Here is the second step to getting back on track:
2. Updating legal documents: A good rule of thumb is to dust off legal documents and update every five or so years. If an aging parent has an incident, or is in failing health, it is a very good time to review these documents with your parents. Laws change and life has a funny way of changing situations. The basic legal documents you should have are an updated last will and testament, living will, health-care surrogate, power of attorney, and potentially a living trust.