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Dalton Wealth Management
A Balancing Act for the "Sandwich Generation"


David M. Dalton, JD, MBA, CFPR
Financial Consultant and LPL Registered Principal
Raising a family while pursuing a career is tough enough. Add tending to aging parents and you've officially joined the "sandwich generation." If you aren't there yet, you may be soon.

As many as 13 percent of U.S. households with two or more people age 30 to 60 have two earners juggling responsibility for children, an aging parent and a career, according to research by professors Margaret Neal and Leslie Hammer at Portland State University in Oregon. With life expectancies rising, that percentage is likely to swell. But, you can take steps to ease the strain on your time, money and other resources.

Communicate. The best time to talk with aging parents about long-term care insurance and medical care decisions is before – not during – a crisis.

Share the load. Holding a family meeting can help you assign responsibilities for everything from the kids to eldercare so no one person shoulders the burden.

Be fiscally conscientious. Funding college savings plans and paying for nursing home care while still saving for retirement is a formidable challenge. Getting an early start on saving and investing helps, of course, and considering ways to protect your parents' assets is crucial. A comprehensive financial and estate plan can keep you and your aging parents on track.

Gather essential information. Work with your parents to prepare a personal data record listing essential financial, legal and medical information. Having a health-care directive, for example, is of little use if no one knows where it is and what it says. Ensure family decision makers and your advisors know where to find the documents.

Take care of yourself. Finally, you'll be in no shape to care for children and elderly parents if you don't make your own well-being a priority, too.

Start talking now about the possibility of someday joining the sandwich generation. How would you handle it? If you need to discuss estate planning for yourself or aging parents, please call me at (513) 785-3512 to schedule a no-cost appointment.

DALTON WEALTH MANAGEMENT, 601 Park Avenue, Hamilton, OH 45013

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This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. © 2007 Priority Publications Inc.
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