Navigating High School, College, and Caring for Aging Parents
By Gail Abrams, Attorney at Law
As Generation X becomes the middle generation, they are faced with a unique set of challenges. Gen Xers are raising high school and college-aged children while caring for aging parents and managing their own estate and financial planning needs. As a Gen Xer, your adult children still need you, but legally you are no longer able to make financial or health care decisions for them after they turn 18. Every child above the age of 18 should have Powers of Attorney for Health Care and Assets and possibly a will. On the other side, Gen Xers are caring for their aging parents. Do your aging parents have their estate plan in place and is it updated with current law? Powers of Attorney for Assets should not be older than 3 years. If your parents become incapacitated and they do not have current legal documents in place, it will be necessary to go to court to be able to manage their health care and financial decisions. This is very expensive and embarrassing, and the courts are in control rather than the family. In addition to your kids and aging parents, is your own Estate and Financial Planning updated?
Let’s delve into some essential techniques Gen X can utilize in their estate planning journey.
Create a Will or Revocable Living Trust: These legal instruments are the foundational documents in estate planning. They ensure your assets will be distributed as you wish after your passing without state interference. Your adult children might need a Will or Trust and your parents should definitely have a Will and possibly a Trust. You need to ensure your family’s Estate Plans are up to date. Revocable Trusts are utilized over Wills to avoid probate, to consolidate assets, to disinherit certain heirs, and to handle property out-of-state or complex distributions.
Powers of Attorney: Planning for medical and financial emergencies is essential for individuals of all ages. Gen Xers should have a Healthcare Power of Attorney, Living Will, and Power of Attorney for Assets with trusted individuals appointed to make decisions on their behalf. If you have adult children off to college, they should have Powers of Attorney in case you need to step in and make health care and financial decisions for them. Your aging parents absolutely need to have these documents in place, and they should be reviewed and updated accordingly.
Regular Review and Updates: Estate planning is not a one-time task but a continuous process that requires regular review and updates. Gen Xers should revisit their estate plans periodically, especially during significant life events such as marriages or changes in financial circumstances.
The Law Office of Gail L. Abrams located at 7 Johnston Drive, Watchung, NJ 07069, phone 908-753-4155, specializes in estate planning for all generations. Contact the law office to set up a consultation to review your family’s estate and financial planning needs. By seeking guidance from The Law Office of Gail L. Abrams, an estate planning attorney who cares about securing and protecting your family’s future, Gen X can ensure the protection and well-being of loved ones across generations.