Families spanning generations often reach certain stages of equilibrium and happiness which can last for quite some time, but then something happens, usually to the oldest generation. A caregiving crisis hits and few families know what to do. Stress increases as family harmony and happiness dissipate.
Many of my clients are part of the classic "sandwich generation." They're putting their kids through college, they're trying to save for retirement, and now they suddenly face new pressures and challenges taking care of one or more elderly parents.
So I'm doing this because I've seen families devastated by the consequences of unplanned caregiving for elderly family members. Those consequences hit people on all levels – personal, professional, emotional. Sometimes families get torn apart when a caregiving challenge becomes a crisis. When this happens, it makes my job harder. When there is no planning and a crisis hits, it can have a big impact on people's financial plan across multiple generations, impacting grandchildren, adult children, and of course our oldest loved ones.
As you'll see, these unhappy events typically raise questions about a family member's personal care, living situation, medical care, personal finances, and legal issues. Over the course of our presentation, we want to keep in mind how these almost-inevitable unhappy moments can be made less harmful and even less unhappy by planning for them. When no planning has been done, any one of those questions about a loved one's affairs can become a full-blown crisis. But it's more often one in a series of events that wreak havoc.
Joining us for this discussion on Keys to Family Caregiving Challenge is Markeith Gentry who is the station’s Production Assistant and makes sure Mastering Your Money is available to our listeners. Welcome back to Mastering Your Money, Markeith Gentry