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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 our 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, one of our areas of focus is on caregiving for parents because we'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.
Now, when it comes to caring for an aging loved one, most families don't have a plan until there is a problem. The lack of planning doesn't have to mean there is a lack of commitment. It's never too late to begin the discussion.
If you would like to learn more and receive a free Five Wishes document, then please fill out the form below.
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Understand your financial situation
Be honest about what has you concerned
Put yourself in a position so that the economy and the markets work for you - not against you
Get organized
Work with caregiving professionals
Empty nest syndrome is not a clinical diagnosis but a phenomenon in which parents experience feelings of sadness and loss when the last child leaves home. Some other feelings may include worry for your children’s safety, and whether they can take care of themselves.
The thing to keep in mind is that these are all valid emotions. Parents love their children and vice versa. Raising a family is one of the most profound experiences when you look at the big picture. Parents do the best they can and their children soak up as much as possible so both parties can become truly independent.
Which brings us to the good news: for the first time in 18 or so years, you have a house to yourselves and some extra openings in your schedule. This means that even though your children won’t be a part of your daily lives anymore, you and your spouse now have the opportunity to devote time to your marriage, personal interests that haven taken a backseat, or seek support from a community that’s in the same boat.
We have created an empty nesters Facebook group that gives parents the opportunity to share their experience and what they are doing to stay positive. Each empty nest situation is different in its own ways, but those that have gone through these empty nest phases are now living meaningful and financially secure lives.
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Help your loved one document their after-life wishes
Keep financial documents organized and accessible
Understand your loved ones preferences for receiving care
Ask your loved one to write a letter expressing their desires and reasons for them
Create a plan
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Adjust to your new normal
Assign responsibilities
Gather your parent's essential documents
Review your parent's long-term care funding plan
Balance caregiving responsibilities with your own retirement
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Registered Representative of Sanctuary Securities Inc. and Investment Advisor Representative of Sanctuary Advisors, LLC. Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., a SEC Registered Investment Advisor. PrairieFire Wealth Planning is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC.
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