There are more people than ever before in a situation that is similar to mine, looking after their children as well as their parents, with a to-do list that includes both, help the children with their homework and take Mum to the doctor. It’s a situation that so many find themselves in that we have even been given a name; the sandwich generation, a generation relied upon by both young and old dependants.
It can often feel overwhelming but there are great resources out there. One of these is Age Space, which offers advice on health care planning, legal issues and even ‘how to look after you.’ One important area of the site explains the funding options that may be available to your parents, to help them in their later stages of life.
Age Space is a great place to start when looking for answers but as many of the related challenges are financial, I have included some starter questions for your financial adviser, if you feel you need more comprehensive advice
- How do I go about working out what I will need to set aside for ongoing financial commitments like education and long-term care?
- How can I work with my parents to help them address challenges like IHT?
- What should I be doing to help my children build up their own finances?
- How can I ensure that my parents’ Will is adequate and that they understand all of their options?
Funding for care can be complex, expensive and unpredictable with changing needs. This section includes information about all the funding options available. We’ve also included a guide to needs and financial assessments which are really important to ensure your parents receive the support they need. In addition to their personal health circumstances, whether your parents are at home or moving to a care home will determine the available funding for them. If one of your parents cares for the other then there are options aswell.