Estate Planning Tips for Elderly Parents: A Guide for the Sandwich Generation

As we approach the holiday season, many Americans in the ‘Sandwich Generation’ are reminded of the care needs of both young children and aging parents. For those with elderly parents, now is the time to ensure their estate plans are in order.

Having a Last Will & Testament, Power of Attorney, and Advanced Directive for Healthcare are essential components of an estate plan. Additionally, utilizing Trusts and other probate avoidance devices can provide added benefits such as privacy and avoiding estate taxes.

Compiling a list of financial assets and accounts can also ease the probate process for family members. Long-term care planning is crucial, especially with the rising number of Americans living with Alzheimer’s and dementia. Consider options like Medicaid Planning and in-home care programs like the American Senior Assistance Program.

It’s important to stay vigilant against elder exploitation, as elder abuse is unfortunately common. Knowing the signs and reporting any suspicions of abuse is crucial in protecting elderly loved ones.

Doug Martinson, a partner at the Huntsville law firm of Martinson & Beason, P.C., emphasizes the importance of planning ahead and having open discussions with elderly parents. A little preparation now can make a significant difference in the future.

This holiday season, take the time to ensure your elderly parents are well taken care of and their future is secure. Planning ahead can provide peace of mind for both you and your loved ones.