If you think divorce is more of a younger generation problem, you are mistaken. Divorce happens at all ages and stages, and the children of divorced boomers are starting to encounter the challenges of caring for their elderly parents on separate levels.
The evidence has been slowly coming in for a while, of course, but current articles have helped to publicly put the pieces together for us. For example, consider a recent article in Reuters titled “Double the trouble when divorced parents get old.”
In broad strokes, marriage is and has been an important institution for us. Not only does it order our daily lives, but it organizes our longtime finances as well. On the other hand, divorced persons simply have to plan that much more for their own old age, especially when it comes to the question of living alone and perhaps shouldering medical care by yourself.
More often than not, this actually is an issue for the adult children of divorced parents. After all, it’s already an era that calls for more and more care from children, but taking care of Mom and Dad is an entirely different concept when they are no longer together or there for each other.
For divorced individuals, this is definitely something to consider in your planning for the future. For families, this is a real and necessary issue to address with your parents as they go through life changes. In particular if your divorced parent decides to remarry a younger spouse!! A red alert should be sounded for the children as the new marriage will give the new spouse many rights over the children’s future inheritance. If appropriate estate planning action is not taken there may be no inheritance for the children.
We have one week remaining for the fall series of free educational workshops (Tuesday, 11/20). Our recent workshops have been nearly sold-out! If you are interested or know someone who this information can help (maybe your parents or in-laws) be sure to register at the link below for the next free educational estate planning workshops asap:
Our recent workshops have been nearly sold-out!
To register for a free estate planning workshop at the learning center go here: http://www.myfamilylifeplan.com/workshops-Registration-Form.php
If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
Also serving the following communities South of Boston; Quincy, Milton, Braintree, Randolph, Holbrook, Weymouth, Scituate, Norwell, Hingham, Cohasset, Hull, Hanover, Pembroke, Duxbury, Marshfield, Plymouth, Rockland, Hanson, Halifax, Plympton, Carver, Abington, Whitman, Kingston
This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
Reference: Reuters (October 22, 2012) “Double the trouble when divorced parents get old”