Sandwich generation to-do list

1. If a frank discussion with your parents about their finances is in order, the sooner the better is in order to be prepared.

2. Persuade your parents to share their financial situation so you have a clear picture of what resources will be at your disposal to help you care for them.

3. In exchange, be open about your own financial situation, so your parents know the extent to which you can be relied upon to look after them.

4. Consider increasing your own life or disability coverage if you expect the added responsibility of caring for your parents.

5. Find out whether or not your parents have RRSPs, savings, pensions and health-care benefits. You'll also want to have their financial advisor's name along with the names of any companies they deal with and all of their account numbers.

6. Investigate the pros and cons of long-term care insurance, and then decide whether or not these might be useful in your situation.

7. Discover whether or not both of your parents are well informed about their financial affairs, and if not, bring the less-informed partner up to date.

8. Ask your parents if they've done any estate planning, and if they have, ask them for the details.

9. If your parents run a family business, make sure they've discussed succession planning.

10. Verify that your parents have established powers of attorney in their Wills.

11. Do your parents have Wills? If so, make sure you know where they're kept.

12. If your parents are approaching 69, remind them to inquire about their RRSP maturity options.

13. If necessary, become more knowledgeable about their medical situations and any needs that may arise from them.

14. Learn about tax tips that may apply to you when you are supporting your parents.

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