The issue of inheritance and how to handle elder parent(s) is further complicated by the fact that sandwich generation children, those raised between the 1960’s and the early1990’s, were taught to be independent and pave their own way. Suddenly being saddled with dependent parents and complicated care taking responsibilities is unfamiliar territory. “The total number of aging parents needing support has increased and the amount of time that aging parents need support has increased,” said Ossorio. Young families who rely on two-parent incomes to survive are caught off guard. There is no one, nor enough income, for parental caregiving without sacrifice. Thus, warehousing ailing parents feels like the only path to preserve inheritance and minimize the financial impact on their own families.
The experts have proffered some solutions on how to mitigate this trend and more importantly avoid these financial and emotional battles altogether.
First and foremost, aging adults should talk to their grown children about their health, finances and estate planning said Michael Fuhr. “It’s never too early for a parent to begin these discussions, but often it’s too late, due to illness, incapacity, or even death.”