For many area families, springtime graduation is not the rite of passage that it once was, as almost a third of adults ages 18 to 34 still live with their parents. That proportion outstrips those living alone, with roommates, or with a significant other. At the same time, the over-65 population may increase as much as 75 percent by 2020, and if these people need financial or physical assistance, it is easy for aging Baby Boomers to feel as though they are caught in an emotional vise.
Welcome to the sandwich generation, a term that was first coined in 1981.
To cope with this situation, it’s important to have conversations about inheritance and end-of-life issues sooner as opposed to later, so everyone’s stress goes down a little and everyone is on the same page when the time comes.
Many people do not have a living will or a directive to physicians that lays out which life-support means are acceptable and which ones are not, who can make critical decisions, and so on. If you’re one of them, talk to us and we can connect you with a lawyer. In most cases, it only takes one office visit to talk over the situation, draft the documents, and execute them. You may want to consider making a general will and guardianship provisions as well.
Moreover, make sure the living will is in an accessible location. Many doctors administer drugs and other life-prolonging therapies without asking questions, so if you want something different from a final hospital stay, be sure that someone speaks up for you very quickly.
Similarly, making decisions about property now can help avoid an expensive and time-consuming probate court battle later. New Hampshire law has several different real estate trust vehicles which, in many cases, can expedite the inherited property conundrum, whether that means a family member continues to live in the property, the family retains ownership but rents it to a third party, or the house is sold outright.
The trust should also deal with this emotional component of inherited real estate, because many times, multiple surviving children often have multiple plans as to how to handle the real estate.
Contact us today to learn more about trust and real estate options.[subscribe2]