The Sandwich Generation: Protecting your Parents' Assets and Their Legacy with Catherine F. Schott Murray

Aging parents present unique challenges, especially for the sandwich generation, who juggle caring for their parents while raising their own children. 

 

In this episode of Off the Wall, Dean Catino, CFP®, CPWA, and Jessica Gibbs, CFP® speak with Catherine F. Schott Murray, a Shareholder and expert in Estate Planning, Tax, Estate and Trust Administration, and Elder Law at Odin, Feldman, & Pittleman. They discuss the critical importance of starting conversations about estate planning, navigating legal considerations for parents with diminished capacity, and the role of trusts in asset protection. The episode also covers healthcare directives and the necessity of a clear plan for end-of-life decisions. 

 

Listeners will learn about protecting loved ones from financial exploitation and the legal complexities that effective estate planning can address. Cathleen Phelps, and Cecelia Gilliam from our Client Experience team join the later-half of the conversation to share stories and discuss the need for proactive planning, open communication among family members, and building support systems during this challenging time. 

 

Having a team in place to help you navigate the overwhelm of trust and estate planning is more powerful than you think. Listen in to learn the benefits of working with a wealth advisor, attorney, and accountant to reduce anxiety and guide you through the process of caring for aging parents. 

 

“Once you begin you are closer to the end than had you not begun at all… There’s a hurdle that people have to overcome to start these conversations, but once you start the conversation, it tends to be amazing how much people will be open about it.” – Catherine F. Schott Murray 

 

Episode Timeline/Key Highlights: 

Part 1: 

[01:01] Introducing Catherine & the topic of today’s episode. 

[03:16] How do I start the conversation with my parents about estate planning, assets, end of life wishes, and long-term care? 

[09:33] Safeguards to put in place before your aging parents’ decision-making ability becomes impaired. 

[11:19] Are there tax implications for being a co-trustee with my parent(s) on their trust? 

[12:14] How to protect your parents’ house as an asset. 

[15:19] Avoiding probate & Reasons not to create a trust for your parents. 

[19:13] Living Wills & Advanced Medical Directives: What families should know about assigning healthcare proxies or powers of attorney. 

[25:15] How long does it take to go through the estate planning process? 

[27:29] How to protect your parents from elder fraud. 

 

Part 2: 

[33:15] Meet our Client Experience Team: Cathleen Phelps & Cecelia Gilliam. 

[33:39] Estate planning steps you don’t want to miss. 

[38:01] What to do after your parent passes away. 

[42:24] Advice for people in the sandwich generation. 

[45:15] Collaborating with Siblings in Caregiving 

 

[35:16] Resources + How to connect with Catherine. 

 

Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.   

 

Resources Mentioned: 

Listen to our episode about Caring for Aging Parents: https://bit.ly/agingparentsepisode 

Guide to Caring for Aging Parents: https://bit.ly/4hudfVK 

Estate Planning | How to Evolve Your Plan When the Rules Keep Changing: https://bit.ly/3KD1dut 

National Elder Fraud Hotline: 833-FRAUD-11 (833-372-8311) 

Catherine’s blog: http://www.beginthebegin.com/about-us/ 

[NPR] How to prepare for the death of a parent - A checklist: https://www.npr.org/2023/09/25/1199885811/how-to-talk-to-your-parents-about-their-money  

Subscribe to our blog: https://bit.ly/MonumentWealthBlog 

Subscribe to Monument #Unfiltered: https://bit.ly/monumentunfiltered 

 

About Catherine F. Schott Murray: 

Begin the Begin - Once you begin you are closer to the end than had you not begun at all. With that statement, Catherine F. Schott Murray appreciates that every client's situation is unique and requires solutions that are adapted to their particular needs, goals, and objectives once the planning process has begun. She takes the time to carefully listen to her clients and discuss decisions that are not always straightforward, ultimately reaching an appropriate resolution that is pertinent to each client. Catherine is professional, yet compassionate, while carefully explaining complex matters during potentially trying times. 

 

Catherine's practice focuses on trust and estate planning as well as business planning. She advises clients with respect to the creation and implementation of simple and complex estate plans, including incapacity planning; elder law; guardianships and conservatorships; special needs trusts; health care decision making; estate and trust administration; probate administration; wealth preservation; asset protection; entity formation and maintenance, gift, estate and generation-skipping transfer tax planning; charitable planning; irrevocable trusts; donor advised funds; private foundations; family limited partnerships; and limited liability companies. 

 

Prior to joining the firm, Catherine assisted individuals with estate planning and Medicaid planning as well as represented lenders and closely held companies in commercial and financial transactions, commercial lease negotiations, mergers and acquisitions, bankruptcy, commercial litigation, and collections. Catherine has been an active member of the National Academy of Elder Law Attorneys (NAELA) and served on the Board of Directors of the Virginia Chapter (VAELA) of NAELA for more than a decade, including time spent as the organization's President.  

 

Catherine gives back to the community through her involvement with the Community Foundation for Northern Virginia (CFNOVA) in which she has served on the Board of Directors, including as the Board Chair. Outside of the office, Catherine volunteers her time with her children's school and enjoys road trips with her family. 

 

Connect with Catherine on LinkedIn: https://www.linkedin.com/in/catherine-f-schott-murray 

Visit her website: https://www.ofplaw.com/attorney/schott-murray-catherine-f 

 

Connect with Monument Wealth Management: 

Visit our website: https://bit.ly/monumentwealthwebsite  

Follow us on Instagram: https://bit.ly/MonumentWealthIG  

Connect on LinkedIn: https://bit.ly/MonumentWealthLI  

Connect on Facebook: https://bit.ly/MonumentWealthFB  

Connect on YouTube: https://bit.ly/YouTubeMWMFit 

Subscribe to Monument #Unfiltered: https://bit.ly/monumentunfiltered 

 

About “Off the Wall”: 

OFF THE WALL is a podcast for business professionals and high-net-worth investors who want to build wealth with purpose. A little bit Wall Street, a little bit off-the-wall; it's your go-to for straightforward, unfiltered wealth advice on topics that founders, business owners, and executives care about. 

 

Learn more about our hosts, Dean and Jessica, and featured team members on our website at https://monumentwealthmanagement.com.