The baby boomer generation’s members are entering into their 70s, thus placing a need for many of their children to start thinking about the future care of their parents. This is a trend in Texas and nationwide that will grow in the next several years, considering that there are 75 million baby boomers in the country. For those with long-term care planning and perhaps a plan for Medicaid already in effect, there may be little strain placed on their children.
However, where plans are not in place, there may be a difficult pressure on many of the boomers’ children because their tendency was to have children later in their years. This means that they may be attempting to juggle rearing their children and caring for their parents at the same time. The popular name for this call from two sides of the generational coin is the “sandwich generation.”
It may therefore be a good time for many boomers and their children to determine what long-term care options may still be available. This may include financial management planning, including trying to manage the mix of private funds with what public funding may be available. Thus, it may be a good time to meet with an elder law attorney to determine the feasibility and options available with respect to a plan for Medicaid and other potential choices.
A plan for Medicaid assistance is applicable in Texas, and it may be used to transfer assets to the children so that the parent may be qualified for government assistance toward nursing home costs, if it becomes necessary. However, there are rules that must be followed and the guidance of an elder law attorney is recommended. The maintaining of a parent in his or her own home or moving in with children are also subjects to discuss at this time. Anything in the way of practical long-term care planning that can be done now to prepare for the future may turn out to be a lifesaving action for all concerned.
Source: The Washington Post, “How to cope with caring for baby boomer parents while raising small children“, Allison Klein, Feb. 17, 2016