When you got married and started a family you likely encountered new financial obligations:
- mortgage payments
- larger grocery and utility bills
- increased insurance coverage costs
Where you once booked a vacation for two, now you might be booking for three or four. Your kids may require child care services, they may want to join youth sports leagues, and eventually they may want to attend college. When you’re in your 30s and 40s, your list of monthly expenses may seem endless and your ability to save anything may seem an impossibility.
Add to this an elderly parent (or two, or four) and you understand what is means to be part of the sandwich generation.
sand·wich gen·er·a·tion (noun)
The generation of people, typically in their thirties or forties, responsible for bringing up their own children and for the care of their aging parents.
The joys of raising a family can be tempered by concerns about both your children and your parents. In the event you are appointed as power of attorney for an elderly parent (for health or financial decisions) you may find yourself having to manage their affairs and provide for their future needs. As power of attorney, you have a fiduciary responsibility to act in the best interest of your parent(s). Sometimes, it can be difficult to know what the right decision is because power of attorney decisions are often made in an emotionally charged environment and can present complicated challenges.
Safe Harbor Financial has experience assisting adult children who have been granted power of attorney responsibilities. Get in touch to learn how we can help.