ELDER PARENTS
How you can help them plan and protect the family estate

     Families in their 40s and 50s often face what is called the "sandwich generation" by having to help older children and elder parents at the same time. Men often fail in contributing to these needs and statistically women suffer the brunt of this situation. If you are a married male and your family is in this situation, make sure you are there to help your wife. You will also need to sacrifice your time and energy.

     With elder parents, you may need to be assertive regarding their planning. The present elder generation tends to ignore their planning or they believe the planning they did 10 years ago is sufficient. Most elderly parents should have a living trust so that the children or heirs can serve as a successor trustee and help them without placing personal liability on the parent's assets. Never allow your parents to place your name on their savings, bank CDs, investments or home because your personal liabilities expose your parent's assets. For example, if you get a divorce, your alienated spouse may try to get half of your parent's savings as part of the divorce settlement. Use a living trust you can give them the help needed as a trustee without passing liability to their estate.

     If your parents have a small estate and are facing health problems, you need to encourage that they meet with a Certified Senior Advisor to discuss how to protect their estate from medical bankruptcy and estate recovery laws. The advisor may suggest that you also see a Certified Elder Attorney. These two advisors can help you understand the alternatives as parents face the elder years. We have seen many families who waited until they had a medical disaster or admitted a family member into a nursing home before they got advice. This is poor planning. Seek help for your parents well ahead of a problem. The earlier your parents plan, the more alternatives they will have to protect their assets and therefore protect your inheritance. Never try to handle the nursing home and Health and Human Services financial forms without getting advice. Never reveal the parents financial situation to anyone until you have reviewed your choices. The entire area of Medicaid and estate recovery laws is complex and requires professional advice. Take advantage of the ICA volunteer referral service to help review the needs of your elder parents before they face the need for professional care. Also get the free report available on this site in the free report section entitled, "Long-Term Care - How to prepare for that older person you will someday become" (click here) . These ICA services are free and there is no obligation. If one of the ICA volunteers makes a sound suggestion that will be of help to you and your parents, you are free to use their services as a part of this self-help program.

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