Millennials, Let’s Embrace Being a “Sandwich Generation”
No, I’m not talking about a homemade PB&J, club sandwich or my personal favorite – the BLT. Unfortunately, this sandwich I’m referring to can be a daunting prospect to think about.
Frank Paré, a CFP and president and managing partner at PF Wealth Management Group, refers to Millennials as the “Sandwich Generation” in this Nerd Wallet article – meaning we’re going to be responsible for two pretty important facets of life real quick – raising our own children and being caregivers for our aging, yet always awesome Boomer (in my case) parents.
Now, I will have you know that not all is lost in this predicament we find ourselves in, fellow Millennials. There are a bevy of things we can do to get ahead of the game in this scenario. Although difficult conversations may have to happen with your parents, siblings, and partner – there’s a lot of good that will come out of it. As a financial advisor here are my tips for you if you’re at this stage right now:
Talk estate planning as early as possible. It can be a very thorny subject among family members, but it’s something you’ll eventually have to deal with at some point. Why not rip off the band aid sooner rather than later? Come to the table with constructive points of view while being honest, open, and transparent. It can be an overwhelming concept to think about, but in the end, preparing for a financial transfer of wealth will be healthy for everyone in the long run.
Hiring a financial advisor (as well as an estate attorney) to guide you along this process is very beneficial and I highly recommend it. There are a lot of facets that are involved in transfers of wealth and estate planning – including wills, trusts, healthcare directives, power of attorney, guardians, business assets and much more. Our generation can be proactive in putting our best foot forward with our loved ones, and we should be willing to accept the challenge – let’s be leaders.
Have a plan and be sure to update your plan on an ongoing basis. Prepare for the unknown and the curveballs that life may throw at you. Make sure you understand your role as an eventual caregiver and everything that entails.
I’m always happy to discuss this topic with you if you find yourself thinking about your personal or family situation. In dealing with our clients, it’s truly rewarding to guide them through this process while making sure they’re taken care of.
~ Presented by Charles Stewart