Millennials, Boomers, and Inheriting the Unknown
7/22/20252 min read


There comes a time in every Millennial's life when the group texts turn from memes and brunch plans to “Does anyone have Mom’s healthcare proxy?” That time is now.
The Baby Boomer generation (our parents, mentors, and occasional tech support callers) is aging. While they may have taught us to drive a stick or grill a decent steak, some may have skipped the chapter on long-term planning. Cue the Millennials, sliding into roles many weren’t quite prepared for: caregiver, healthcare agent, financial gatekeeper—the “Sandwich Generation."
Ask These 3 Questions Before a Crisis Hits
Whatever state your finances or assets might be in, everyone should have a few important things:
Do your parents have a power of attorney (POA)? Do they have a signed, current document? Is it financial or medical or both? Do you know where it is? If your parent ends up in the hospital without one, things can get messy fast.
Is there a living will or advance directive? Ask what their actual wishes are. Life support? Organ donation? Who makes the call? If no one's talked about it, you're left guessing—probably in an ICU hallway with no cell service.
What accounts exist—and where are they? We're talking retirement accounts, life insurance, the deed to the house, that one old CD account at a credit union no one's touched in years. Make a list. Store it securely. You’ll thank yourself later.
Non-Traditional Family? Traditional Docs Still Matter.
You're married with stepkids, or living with a long-term partner but not married, or co-owning a house with your sibling. That’s real life. It also makes having a clear will and beneficiary designations even more urgent.
Your partner may not automatically inherit anything if you're not legally married. Your stepchildren might get nothing unless you specify. Your sibling could get left holding the mortgage. Spell it out now, or someone else (read: probate court) will decide.
And yes, you can, and should, include plans for your dog, your fish, and your digital accounts.
Parent to a Toddler? You Need a Guardian Named in Writing
If you have children under 18, someone needs to be legally designated to care for them if you can’t. You don’t want this decision left to a judge. Make it official.
Name a guardian in your will.
Choose a backup.
Tell them ahead of time. No one likes surprise parenthood.
And while you're at it, make sure you’ve got life insurance that would actually cover child care, housing, and tuition, not just pay off your car loan.
Caring for Kids and Parents? You’re in the Sandwich Club.
Let’s say you’re helping your mom apply for Medicaid while trying to find a preschool that doesn’t cost $2,000/month. You’re not alone.
There are many ways estate planning can help. These are some examples:
Set up a revocable living trust for your parents if they want to protect assets and avoid probate.
Create a plan for long-term care costs, including long-term care insurance or Medicaid eligibility planning.
Use a financial power of attorney to legally manage their bills and assets if they become incapacitated.
Call Elias Counsel, LLC Before Group Texts Turn into Family Court
You don’t need to figure this all out at once, but you do need to start. Elias Counsel, LLC helps Millennials who suddenly find themselves in charge of...well, everything. From guardianship to POA to making sure Dad’s weird coin collection doesn’t spark a war, we make the process clear and manageable.
Call 609.655.3200 to get your estate planning handled before someone else does it badly on your behalf.
Elias Counsel LLC
Preserving wealth and well-being for our community.
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