Life is complicated these days. And if you’re part of the sandwich generation, with a parent 65 or older and either raising a child under 18 or supporting an adult child, then calling life complicated may feel like a ridiculous understatement. But while being squeezed in the middle will never be easy, there are a few steps you can take to manage your financial and emotional risks.

Are you caught in the middle between supporting children and caring for aging parents? At a time when your career is reaching a peak and you are looking ahead to your own retirement, you may find yourself having to help your children with college expenses or supporting them during a job search while also looking after the needs of your aging parents. Squeezed in the middle, you've joined the ranks of the "sandwich generation."

There are times when imagining the worst-case scenario helps you prepare most effectively for the best case. The transition of a family or closely-held business is one of those times.

Ask yourself, why is it that while Harvard Business School reports at least half of all companies in the US are family businesses - and just over half of all publicly listed companies in the US are family owned - that the most-cited family business statistic is from John Ward’s seminal study finding only 30% of firms survive through the second generation, 13% survive the third generation, and only 3% survive beyond that?

The Family Business Institute identifies a major cause as the failure to imagine and plan for worst-case situations that could dramatically affect not only ownership succession, but management succession planning and leadership development as well.

Your marriage isn’t working - you respect each other but have drifted apart over the years for whatever reason. Now you and your spouse have decided to divorce and close this chapter of your lives. You’ve heard the stories and perhaps witnessed a few horrors through friends or family who have divorced; that doesn’t mean you need to have the same experience.

At the wedding, who thinks those two little words ”I do” might suddenly lead to the four words “I want a divorce.”? No one expects to get divorced. But now that you’ve heard (or uttered) those four words, what do you do?

Planning for retirement is typically something we think about when we approach our 50s and 60s. However, if you haven't done much (or any) financial planning by your 30s and 40s for your future, it's time for you to get your financial house in order. Remember, when building a house, you must first start with a solid foundation. The same is true for financial planning; get the basic foundation planning done now so as you build your financial future, your structure will be strong.

If you asked earlier generations what their biggest fear was – they might have answered, “dying too young.” Asking that question today would probably get you the exact opposite answer: “I’m worried about outliving my money.” It’s a fear that is shared by many – even wealthy individuals. According to the 2019 AICPA Going Broke Remains Top Concern in Retirement: Survey of CPA Financial Planners, more than 41% of CPA’s indicated that running out of money was clients’ #1 concern.

Surprisingly, dealing with sudden wealth can become a nightmare. Learn the five steps you can take immediately to successfully manage the financial and emotional crises that can come with sudden wealth.

Businesses start with the best of intentions. While beginnings are an exciting time, a strong business foundation needs to include planning for multiple future scenarios and potential “what-ifs,” including business transition and succession. Unfortunately, many business owners don’t plan for their end game.

Talking with your kids about money changes as they get older and as you get younger (of course). If this has been a conversation you have shared since they were young, it’s natural to continue to discuss financial matters as the years go on. In a perfect world this would be the way it is all the time. Unfortunately, the opposite is often true.