On September 20th, Centerpoint hosted estate attorney Kelly Gill to discuss estate planning for those caring for aging parents as well as children, often referred to as the “Sandwich Generation“. She spoke about ways to protect assets, which estate documents should be reviewed regularly, and what college students should be thinking about to protect themselves. Many interesting facts and thoughts resulted from our discussion. Here are a few takeaways:

  • Over half of middle-aged adults in America are providing financial support to both an aging parent and at least one child. The stressors on families dealing with this situation are not just money related but also have emotional implications.  Open, honest family discussions help prepare for this.
  • There are many types of trusts that can protect assets. Depending on the titling of your trust and assets, your legacy may not be allocated to your intended use upon passing.  Review your trust documents and wishes with your financial advisor, estate attorney, and CPA regularly, or at least every ten years.
  • Paying direct can help avoid a gift tax. Gift taxes can vary state by state, however can be avoided by paying facilities, such as nursing homes, directly.

An excellent Q&A followed the brief presentation addressing more specific concerns which was helpful to all in attendance.  Kelly is a partner at Belcher Fitzgerald LLP with offices in Needham and Boston.  We welcome you to learn more about her and her areas of specialty by visiting belcherfitzgerald.com.