Legacy Planning for the Sandwiched Generation
Emcee Singapore: Charmaine hosted a panel discussion on how individuals can plan for the future and navigate the challenges of caring for both aging parents and children while planning for the future.
In the session with Seow Ling, Associate Director of Eden Law Corporation, Weirong, Senior Deputy Director for Nominations and Accounts Closure Department in CPF Board and Dawn, also fondly known as SG Budget Babe, Charmaine kicked off the discussion on a topic that’s close to the hearts of many of us – balancing the responsibilities of caring for aging parents while raising children.
On legacy planning, the three panelists shared their views and advice on careful planning and preparation of our loved ones’ needs today, and ensuring they are taken care of in the future.
Professional Help: Seow Ling talked about designating a Lasting Power of Attorney (LPA), setting up Advanced Care Planning (ACP), to plan for long-term care options. Discussions touched on legal matters such as ensuring that assets and responsibilities are clearly defined and transferred when necessary.
Overcoming Inertia: As Asian families find the topic of legacy planning uncomfortable, emcee Singapore Charmaine asked Dawn how she opened an honest conversation with her family members. Dawn talked about the strategies she used e.g. involving a professional such as a doctor or a lawyer to overcome inertia, and elaborated on some of the challenges and obstacles she faced along the way.
CPF Nomination: On the question posed by Charmaine on the importance of CPF nomination, Weirong reminded us to review our plans periodically so as to ensure it continues to align with our wishes and intentions. He emphasized the CPF Board’s efforts to facilitate the nomination process, making it easy and convenient.
Comprehensive Planning: Seow Ling highlighted potential pitfalls and the role of professionals, such as lawyers and estate planners, in legacy planning, emphasizing the importance of seeking expert guidance in complex estate matters.
Emcee Singapore Charmaine had an enlightening discussion that offered a holistic perspective of the challenges faced by the sandwiched generation. It is a topic that is highly relevant to modern society as it reflects the evolving dynamics of family life and the need for comprehensive planning.
Charmaine also invited individuals interested in finding out more about legacy planning to check out the activity booths including the booth by MyLegacy@SG outside the event hall.