Anyone experiencing the struggle of simultaneously caring for children and aging parents is part of the sandwich generation. Although “generation” is part of the phrase, it doesn’t refer to people born at a specific time. It refers to all family caregivers who are simultaneously providing for their families and balancing care duties between the needs of children and parents.
The rise in the numbers of the sandwich generation is a byproduct of two influential trends: women giving birth later in life, and the increase in the senior population. Another contributing factor has been the COVID-19 pandemic leading to fear of placing aging parents in long-term care facilities where viruses spread easily in communities of people with declining health. Many families have pivoted to caring for their loved ones at home.
Though this is a challenging position to be in, it doesn’t have to be as hard as it seems. There are steps to take to determine the appropriate ways to care for aging parents. In considering the best plan, some questions to ask are: Are your parents able to pay for their care on their own? Do they carry long-term care insurance or whole life insurance policies with living benefits? Is a public assistance option, such as Medicaid, viable? Do they have the proper documents in place?
It is imperative to consult an attorney about legal documents before a financial or medical issue presents itself. Having legal power to make important decisions for aging parents and minor children is of upmost importance. Having both a comprehensive Power of Attorney and Health Care Proxy in place will allow an individual to make decisions on behalf of an aging parent if that parent is not able to make the decisions on his or her own.
Aging parents may need more help as their health declines or as they experience cognitive issues, such as dementia. There may be a need to renovate their home for their comfort and safety, or for them to receive professional services either at home or in a facility. A comprehensive review of each individual’s savings, investments, real estate, and income can protect that individual’s resources while ensuring appropriate care at the best cost.
Medicaid and estate planning are critical elements to creating a mutually beneficial living experience as part of the sandwich generation. While this may not be the easiest time of life with the extra demands placed on the children, it’s possible to manage and even thrive with adequate planning. The most important step is to speak with an attorney to structure the Medicaid and estate plan that best suits each individual family. An elder law attorney can educate families about issues faced by seniors who may be experiencing declining health, can prepare and execute the appropriate estate planning documents, can recommend a Medicaid plan when appropriate, and can provide resources and referrals for caregiver support.
Ronald A. Fatoullah, Esq. is the founder of Ronald Fatoullah & Associates, a law firm that concentrates in elder law, estate planning, Medicaid planning, guardianships, estate administration, trusts, wills, and real estate. Eva Schwechter is an elder law attorney with the firm. The law firm can be reached at 718-261-1700, 516-466-4422, or toll free at 1-877-ELDER-LAW or 1-877-ESTATES. Mr. Fatoullah is also a partner with Brightside Advisors, a wealth management firm with offices in New York and Los Angeles.
By Ronald A. Fatoullah, Esq.
and Eva Schwechter, Esq.
