Sandwich Generation Help
Are you juggling work, kids and helping relatives or parents too? You're probably a member of the sandwich generation. It really is a struggle. Money.com provides sites that can help the sandwich generation. This is a great resource page.
First, get the facts... Your goal: Avoid surprises. Talk to your parents about how they're doing financially and what plans they've made if they become ill or incapacitated.
While you're at it, get a grip on your own financial needs too. If you haven't already done so, run the numbers to assess how much money you'll need for retirement and to send Junior to college.
Then, get the power...If an emergency arises, you'll need legal authority to act swiftly on your parents' behalf. Make sure your mom and dad have the following: a durable power of attorney authorizing someone to sign checks, pay bills and make financial decisions on their behalf; a durable power of attorney for health care (or a healthcare proxy) authorizing someone to make medical decisions; and a living will outlining their wishes if life-sustaining medical care is needed.