TOMORROW

by Rev. James Cook, CFP^®, RICP^® 

What's in this Article:

• Plan Proactively for Long-Term Care
• Consider Asset Protection Strategies Like Irrevocable Trusts
• Share the Responsibility
• Protect Your Future While Caring for Others

You’ve probably heard of the sandwich generation, people caring for both underage children and aging parents at the same time—often during mid-career years and middle age.¹ This dual responsibility can feel rewarding but also present emotional and financial challenges.

Last month we shared part one in this series on strategies for juggling the overlapping costs of eldercare and childcare. Helpful steps include:

• creating a separate budget for eldercare and childcare expenses
• considering public childcare options and nanny shares
• capitalizing on tax credits, government benefits and workplace support

In the conclusion of this series, we explore long-term care insurance, trusts, tapping into your networks, and sustainability.

4. Plan Proactively for Long-Term Care

Many families wait too long to plan for eldercare—often making decisions during a crisis, when options are limited and costs are higher. The best time to purchase long-term care is in your mid-to-late 50s. Depending on your parents’ health, they may still qualify at a manageable price between 60 and 65. ² Planning ahead expands your options and reduces financial strain.

Long-Term Care Insurance

Long-term care insurance can help cover services not typically included in traditional health insurance, such as:

• In-home care
• Assisted living
• Nursing care²

These policies help protect retirement savings and reduce the financial burden on families. Some households also explore hybrid policies that combine life insurance with long-term care benefits. Speak to your certified financial planner about whether these options are right for you.

5. Consider Asset Protection Strategies Like Irrevocable Trusts

For families planning at least five years before their parent needs nursing home facilities, irrevocable trusts may also be part of a long-term strategy.

By transferring assets into an irrevocable trust:

• Assets are generally removed from your parent’s personal estate.
• This may help meet eligibility requirements for programs like Medicaid in the long term.

Because these strategies involve specific legal and timing considerations, they should be explored with qualified financial and legal professionals.

6. Share the Responsibility

Caregiving is not meant to be carried alone. Open conversations with siblings and extended family can help distribute financial and logistical responsibilities. Shared caregiving can reduce both stress and financial strain. ³

Also, if any congregants at your church work in the caregiving industry, they might also be an occasional resource. They may be willing to provide their services at a reduced cost.

Early discussions with aging parents about their wishes, resources, and long-term care preferences are also essential. These conversations bring clarity and reduce the likelihood of costly, last-minute decisions.

7. Protect Your Future While Caring for Others

One of the greatest challenges for the sandwich generation is balancing care for others with care for your own future.

Many caregivers reduce retirement contributions or step back from career opportunities to meet immediate needs.⁴  While these sacrifices are often an act of love, maintaining long-term planning for your own older adulthood is vital. Even modest, consistent contributions to your savings and retirement plans can help preserve financial stability.

Caring for others is an act of stewardship—but so is caring for your future self.

A Faithful Perspective on Care

For those in the sandwich generation, this is a powerful reminder: You are not meant to navigate this season in isolation.

With thoughtful planning, shared responsibility, and the right support systems, it is possible to move from overwhelm to steadiness—from strain to strategy.

1. https://www.pewresearch.org/short-reads/2022/04/08/more-than-half-of-americans-in-their-40s-are-sandwiched-between-an-aging-parent-and-their-own-children/

2. Long-Term Care Insurance: 10 Things You Should Know | Kiplinger

3. https://www.marketplace.org/story/2025/01/14/the-number-of-sandwich-generation-caregivers-is-growing

4. USA Today. “The sandwich generation simultaneously cares for kids and parents—how can they afford both?” (May 2026)

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