1. Soccer to
Walkers:
Surviving the squeeze of the
Sandwich Generation
Almost 35 years ago, the reality of taking care of both
young children and an ageing parent at the same time,
wasn’t that common. There must have been enough
however, because Social Worker Dorothy Miller
coined the expression just the same in 1981. She was
witnessing enough cases where it was taking the toll
on mostly women at the time, and recognized
that it was only going to get worse.
Back in Sept 2004 StatsCan wrote a report that ‘While
the overall number in the sandwich generation is
relatively small, the ranks are likely to grow’ 1
.
I see women in my position all the time. Women who
are taking care of an elderly parent, and on top of it
many are sole parenting and holding down
professional careers. In fact 32% of Canadians overall
and 20% of professional is this country are in the
sandwich and it’s no longer just women. Men are, also
immersed as families produced less children so fewer
siblings are there to help lessen the load.
It’s something that I can personally relate to as my
mother is in her mid-80’s and my sons are in their
tweens. So what is it that makes me fit perfectly into
that demographic? I’m part of the last of the Baby
Boomers who put off marriage and having kids until
almost 40! My mother, though financially
independent, is requiring more attention and hands
on care but is relatively healthy. We can’t tick the
boxes required to get one of the public eldercare
services to come in and help out, so it falls to my
sisters and I.
For many of us, our ideas about money were born by
observing our parents, both the good and the bad. The
biggest error that we see in our practise is for people
not to have a plan. With our ageing parents the surest
way to fall into the abyss of paperwork, lawyers,
courts, accountants and very possibly a personal
financial loss, is to leave ‘the talk’ with our parents
until it’s too late.
With longevity increasing for men up to 78 and
women into their mid-80’s, along with that comes the
increase of mental deterioration. Developing strong
plans now can limit future erosion of family finances
should parents need costly medical, home or
institutional care.
Equally important is getting the legal pieces like Power
of Attorney* and Personal Directives** into place
early on so that our parents financial affairs can be
responsibly managed if they become unable.
Many baby boomers even get to be part of
a “Club Sandwich” category
– those responsible for their grandchildren or grandparents too.2
Did you know that 15% of Canadians 65 and
older are living with Alzheimer’s and other
dementias. 3
of the Sandwich Generation
Surviving the

2. Identifying some basic information should ease the problem:
1. Identify your parents’ income sources and conditions on those sources that may apply should one
predecease the other. Keep a record of the location of all bank accounts and safe deposit boxes
2. Ensure that beneficiaries have been assigned to assets. Registered accounts can roll over tax free to
spouses and adult dependent children but if others are beneficiaries, the estate may have to pay tax first.
Beneficiaries cannot be assigned to non-registered accounts as they will roll through the Estate and taxes
will have to be paid.
3. Ensure you know the location of all Insurance policies. Do they have any extended health care plans or
have you ever explored Critical Illness Insurance that pays out a tax free lump sum of money and covers
most major conditions.
4. Identify current expenses and then what the expenses might look like should one pass or become
incompetent. There are strategies that can be put into place now that will perhaps offset some of the
costs.
5. Make sure there is a Will in place, it’s relatively current and you know where it is. Planning to avoid the
cost of probate in Alberta is pointless as the maximum probate costs is $400, but you still want to avoid
the time and trauma of an estate going to probate. If your parents want to see something specific go
somewhere, their wishes must be written down….
Enduring Power of Attorney: Through an enduring power of attorney, parents can appoint a person or persons to make
decisions concerning property and financial affairs. A power of attorney can be general in application or limited to
dealing with certain assets or money in certain accounts. Enduring power of attorney that are general in application are
often between spouses, and make handling family finances easier should one of the them become incapacitated. Powers
of attorney limited to specific accounts are often used to facilitate the payment of bills.
The enduring power of attorney takes effect as soon as the document is signed, and can continue when a person
becomes mentally incompetent as long as a clause to that effect is inserted in the document. Another alternative is the
‘springing power of attorney’, where the authority granted under the power of attorney does not become effective until
the person who granted it becomes mentally incompetent.
It may also be advisable to assign a contingent or secondary power of attorney, perhaps to a trusted adult child, so that
if the parents become mentally incompetent a backup person is ready to step in. 4
Committeeship: If a POW has not
been assigned and mental in
competence becomes an issue,
committeeship by a responsible adult
must be sought through the courts.
The process costs time and money
and the province’s public trustee may
have to step in while the issue is
resolved. 4
** Personal Directive: Many provinces authorize the use of documents that
appoint someone to make personal care decisions when you are not able to do
so. Such documents can also be used to give instructions on conditions under
which an individual would not want invasive or heroic measure medical care
to continue.
Both power of attorney and Personal directives should be extremely accurate
and a lawyer specializing in POW and Personal directives consulted. The
conversation with your parent or loved one should involve all concerned so
that decisions and wishes are crystal clear to everyone. 4

3. PAULA COOK | ASSOCIATE CONSULTANT
 Paula has 8 years of experience with Investors Group working to ensure clients feel
confident and secure with their financial plans. She specializes in working with
professional women between the ages of 45-65 who have been investing for most of
their professional careers. Women who are beginning to see the light at the end of
the tunnel and want to know the ‘when and if’s’ of retirement and who are looking
to take their wealth management plan to the next level.
 A dedicated sole parent now raising her two boys in Calgary after spending nearly
two decades specializing in luxury tourism throughout Europe.
At Fox Wealth Management we excel in dealing with Estate Planning and Wealth Preservation
strategies. We understand that these are difficult conversations to have, but we also understand how important it is
to position things in the most tax efficient manner and also to protect our own financial positions because we still
have a generation to raise…and educate…and marry off……and empty our wallets for…..
About the Author:
1. Perspectives on Labour and Income September 2004, vol.5, no.9
2. Desjardin Wealth Management Winter 2013 edition
3. Alzheimer’s Society of Canada 2015
4. Tax & Estate Library Investors Group 2015