Have you heard of the term ‘sandwich generation’? It refers to those caring for their children on one side and their aging parents on the other. If you fall into this category, you know how busy your life can be. You might juggle work, household duties, and parenting responsibilities while checking in on your elderly parents. However, there’s one more thing that you need to add to your to-do list: estate planning. Did you know that both your parents’ inheritance could disappear if one of them dies and the surviving parent remarries? This blog post discusses the importance of planning to prevent this from happening to you and your family.
Estate Planning is Crucial for the Sandwich Generation
It’s an unfortunate truth that estate planning is often overlooked, especially by the sandwich generation. Many people are unaware of the risks involved when they fail to plan for their parent’s estate. One of the most significant risks is the loss of inheritance to a second spouse. If the surviving parent remarries and hasn’t planned for their estate, their assets could be leaving the family, including any inheritance that should go to the children. It is only possible to retrieve the children’s rightful inheritance once it has been handed over to the new spouse.
But don’t worry, there’s good news. There is planning available that can keep your parents largely in control of their assets and protect them from the cost of long-term care. This type of planning is especially important for those whose parents may require long-term care, as the costs can rapidly eat away at their savings. Without proper planning, their assets could be quickly depleted, leaving nothing for the children.
Long-Term Care and Marital Status
In addition to the risk of losing the inheritance, there’s also the issue of the surviving parent’s long-term care and their current marital status. As previously mentioned, most people do remarry after losing a spouse. If the surviving parent requires long-term care, their new spouse may inherit everything, leaving the children with nothing. This is a significant problem in blended families, where children from a previous marriage could be left without any inheritance.
Take Action to Prevent Risks
So, what can you do to prevent these risks? The solution lies in estate planning. Discussing this matter with your parents can help them understand the importance of planning ahead. An experienced estate planning attorney can help create a comprehensive plan that meets your family’s needs and goals. This type of planning can include trusts, wills, and other legal documents that will help ensure that your parent’s wishes are followed and their assets are protected.
As the sandwich generation, there’s a lot on your plate. However, planning for your parent’s estate is a crucial step that cannot be ignored. By taking action now, you can protect their assets, prevent the loss of inheritance, and ensure their wishes are followed. It may seem overwhelming, but estate planning can be a smooth and straightforward process with the right support and guidance. Don’t allow your inheritance to slip away. Contact an estate planning attorney today and protect your family’s future.
Contact an Estate Planning Attorney Today Call the Law Offices of Patricia G. Micek PLLC at (914) 358-4235. From our office in White Plains, we serve individuals and families across Westchester, Putnam and Rockland Counties, the Bronx, and Manhattan. You can also schedule an appointment to discuss your legal needs by email.