Hudson Valley Parent

HVP September 2018

Issue link:

Contents of this Issue


Page 19 of 39

20 Hudson Valley Parent n September 2018 they don't cater to specific needs, so you need to speak to a professional about your personal situation." A website is not going to know what kind of financial variables people have, not to mention retirement accounts, life insurance and real estate. Have the tough conversations Those in the sandwich generation need to take the time to have the tough conversations with their parents about their plans for their possessions and passing. These conversations may feel uncomfortable but can have lasting impacts on SANDWICH GENERATION (Continued from Page 19) planning for the future. As an example, Kiamos describes a parent's desire to leave their family home to a child after passing. "Revealing this information can help families strategize for minimizing tax and other liabilities. Additionally, an estate may be required to pay federal and/or state tax if its total value exceeds a certain threshold. Individuals with high net worth may consider transferring assets prior to death to avoid such tax liability." People in the sandwich generation set up trust accounts when they want to make sure money set aside for their minor children is used for their care. Kiamos notes, "Death sometimes brings out the worst, but planning helps reduce the drama, because there is less uncertainty." Creating a will with aging parents is the opportunity for all relevant family members like siblings to voice their opinions, but the final decision falls on the aging parent to decide what happens in the end. This way everyone can focus on grieving when the loved one eventually passes. Stuck in the middle with you "Nearly half of all adults in their 40s and 50s have a parent over 65, and are either raising young children, or are still providing financial support to their children over 18," according to a report from The Pew Research Center. Brenda Lasher, 52, lives in Hyde Park with her 4 children. Three of these children are over the age of eighteen, the youngest is fourteen and entering high school this fall. Lasher and her eldest daughter Becky handle the majority of the day-to-day care for Lasher's mother, Lavina. Lavina lives in her

Articles in this issue

Links on this page

Archives of this issue

view archives of Hudson Valley Parent - HVP September 2018