RICHMOND, Va. (WWBT) - It’s called the sandwich generation: Folks in their 40s to 70s who not only care for their aging parents, but also their children.
It’s a unique situation not only mentally, but financially. You have to set some guidelines and boundaries.
Cherry Dale with the Virginia Credit Union says you have to make your financial situation the priority.
She says once you know your budget, it’s time to have a difficult conversation with your parents.
“This could take place over time, but you need to set up a time to do that because it can be a little daunting, discussing finances with your parents,” said Dale.
It can be a gradual conversation or a family meeting with your siblings there.
You need to develop a plan and stick to it.
Divide responsibilities among siblings and get estate documents in order.
Figure out power of attorney and your parents’ wishes at the end of life.
Be sure to gather up financial documents and have the passwords to accounts.
These aren’t easy conversations to have, but it make it easier for you in the future, both financially and emotionally.
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