A recent poll puts the number at 20 million.  It’s those people, mostly mothers, in the “Sandwich Generation” - a term given to adults caring for their aging parents while still supporting children of their own.  It was the subject of a documentary by a San Francisco filmmaker of her personal journey moving back to Montclair, NJ to care for her 80 year old father who was suffering from Alzheimer’s disease, uprooting her business, her husband, and her two children in the process.  You can watch some of the documentary on the AARP’s website (click here).

For adults thrust into the role of caring for their parents, the biggest struggle often comes from trying to keep their dual responsibilities segregated.  They try to ensure that the needs of the aging parent don’t impact what’s going on in their children’s lives.  As an example, the adult children feel like they have to choose between making sure that Mom takes a walk for exercise and attending a child’s piano recital.  No matter what the adult parent chooses, he or she often feels like a failure at everything.

What you need to realize is that this process is not something that you can keep separated in your life.  You’ll do your family a great service by viewing it as an experience to be shared with everyone in the family, and maybe even with some members of the outside community.

If you find yourself in this triple-decker-club “sandwich generation” situation (or if you’re in it now), here are 3 practical tips I can offer:

1) Learn The Financial Facts. You may have avoided talking with your parents about finances in the past.  Whether you were taught that those things are private or “it just never came up,” now is not the time for surprises.  You need to know how your parents are doing financially and whether they’ve made any provisions in case they become ill or suffer a long-term disability.

2) Get The Estate In Order.  At this stage of your parent’s life it’s important to make sure that your parent’s legal house is in order.  My client’s parents enjoy a healthy discount on their estate planning.  But, no matter where you get it done, your parents absolutely need to have a financial power of attorney, advance health care directive (a health care power of attorney plus a living will), and a simple will.  It may not be the best estate plan for your parents.  It might not be proper Medicaid planning.  However, it is the bare minimum you will need to help care for your parents.

3) Insure Against the Future. Now is the time to examine long-term-care insurance or assess whether savings will cover an extended nursing home stay, assisted-living facility costs or extended home-care services.  You may be tempted to begin to liquidate your holdings or stop saving for your own benefit to help pay for the cost of your parent’s care.  Big mistake.  Remember that there aren’t nearly the same kind of government programs or lending scenarios that will help you pay for your kids, or their college or fund your retirement, as there are to help support aging parents.  It’s vital that you continue to save for your retirement.