CARROLL GARDENS — More and more adults are having to deal with the financial and emotional burden of caring for their children and aging parents, a study finds, leaving them concerned about the future of their loved ones.
Friends of Carroll Gardens Library is hosting a free seminar on estate planning for the “Sandwich Generation,” adults who are providing financial support to their parents and are raising minor children or still supporting grown-up ones.
The event, on March 6, 6.30 p.m., at the Carroll Gardens Library, will feature a discussion on planning for the future, such as preparing essential documents and getting finances in order.
Justine Torchio, a local real estate agent who is organizing the seminar, said she often comes across people who are juggling the finances of their parents and children. Forty-seven percent of adults in their 40s and 50s have a parent aged 65 or older and are also raising a child or supporting a grown-up one, according to a Pew Research Center study, released in Jan. 2013. One in seven middle-aged adults are financially holding up both an elderly parent and a child, the report found.
The library association decided to address the issue by inviting financial planner Kerri Kimball and estate lawyer Alison Arden Besunder to talk about the tricky topic of money.
"Nearly every family has taboos about talking about money. But now is the time to tackle these issues so that our loved ones aren’t left in the dark,” said Kimball, in a press release.
The seminar will equip people with an action plan, knowledge of essential documents and professionals involved in this area, according to the library group. It was also address the concerns of expats, dual citizens and people concerned about all their loved ones, including their pets.
As an increasing number of young parents join the Carroll Gardens community, many of them fit this definition “perfectly,” said Diane Saarinen, resident and secretary of Friends of Carroll Gardens Library.
Adults often feel like they’re playing a dual role having to worry about their parent’s wills and healthcare choices, as well as their children’s future if something were to happen to the parent, said Saarinen, who has faced similar concerns with her 90-year-old aunt.
“It’s a very touchy situation,” she said. “I can sense I’m not alone.”
To register for the seminar, visit the group's registration page.