When Family Matters Most: A Night That Changed How I Think About Multigenerational Planning

Let me tell you about one of the scariest nights of my life.

It started like any other. I was winding down, checking on the baby, maybe sneaking in a scroll through Instagram. You know, the usual. But then—everything changed.

My mom was having a diabetic emergency. She was disoriented, confused, and couldn’t explain what she was feeling. My five year old was fast asleep, my husband was holding a crying baby while trying to figure out what was happening, and I was scrambling to figure out if we needed to call 911. If you’ve ever had to make a potentially life-saving decision on the spot, you know how paralyzing that moment can feel.

We were lucky. My mom uses a continuous glucose monitor (CGM) that syncs to her phone. With a quick swipe and a tap, we could see exactly what was going on with her blood sugar. That tiny piece of tech bought us time. Time to treat, time to breathe, time to think clearly. Honestly, it might’ve saved her life.

But once the adrenaline wore off, I realized something bigger: this wasn’t just a one-time emergency. This was a wake-up call about what it really means to care across generations.

Woman caring for an ailing family member

The Wake-Up Call: When Family Roles Blur

That night threw every role I play into one emotional blender—daughter, mom, wife, financial planner, health advocate, emotional support human… all at once.

And it got me thinking: how many families are out there juggling this same balancing act?

Living in a multigenerational household—whether it’s temporary, cultural, or just what makes sense for your family—is beautiful. There’s always someone to talk to. The baby gets extra love. You get wisdom at the dinner table. But it also comes with layers of complexity, especially when health conditions are in the mix.

We often plan for education, retirement, or even vacations. But are we planning for caregiving, chronic illness, or real-time crises?

Where Technology Meets Financial Planning

You know what made the difference that night? Data. Tech. Having the right tools already in place.

My mom’s continuous glucose monitor (CGM) gave us instant insight. For those unfamiliar, CGMs—like those from Dexcom or FreeStyle Libre—track blood sugar in real-time and can alert caregivers when levels drop dangerously low.

Now imagine this from a financial planning perspective. That CGM is just one piece of a larger puzzle. As caregivers, we’re not just managing emergencies—we’re managing:

Insurance coverage and deductibles
Out-of-pocket health expenses
Pharmacy costs
Adaptive tech for chronic conditions
Tax implications of caregiving or supporting an aging parent

And that’s just scratching the surface.

The Financial Realities of Living in a Multigenerational Home

Caring for aging parents and young children? That’s not just emotionally taxing—it’s financially demanding.

From groceries and housing to doctor visits and missed workdays, the expenses add up fast. And unlike the adrenaline of a middle-of-the-night crisis, this stuff builds slowly. Quietly.

So many of the families I work with say they just “make it work.” But making it work often means dipping into savings, skipping retirement contributions, or pushing off future plans.

The truth? Without a plan, “making it work” isn’t sustainable.

How to Prepare: Planning for the Family You Have—Now and in the Future

Here are a few ways we help families financially prepare for caregiving and chronic conditions:

1. Budget for Chronic Care

Include recurring medical expenses in your monthly and long-term budget. Don’t forget to plan for emergency costs like hospital visits or short-term care.

2. Invest in the Right Tech

Devices like CGMs, smart watches, or even medical alert systems might not seem “financial”—but they are. They can prevent larger emergencies (and bills) down the line.

3. Plan for Home Modifications

Whether it’s grab bars in the shower or a home generator for power outages, think about the upgrades that will make caregiving easier and safer.

4. Review Legal and Financial Documents

Make sure your parents have updated healthcare proxies, powers of attorney, and living wills. These documents can give you the legal power to act quickly in an emergency.

5. Leverage Tax Benefits

There are potential tax credits and deductions for caregivers. If you’re supporting a parent financially, we can help you figure out if they qualify as a dependent.

Less Luck, More Preparedness

I’ve replayed that night a hundred times in my head. What if my mom hadn’t had that CGM? What if we hadn’t all been home? What if we hadn’t caught it in time?

We were lucky.

But what I want for you—and every family like ours—is to rely less on luck and more on planning.

This isn’t about fear. It’s about freedom. The freedom to enjoy your time together without a cloud of uncertainty hanging over every meal, every outing, every bedtime.

Because when everyone in the house feels safe and supported—emotionally, physically, and financially—that’s when real peace of mind sets in.

Final Takeaway: Family First, With a Plan to Match

If you’re navigating the beauty and complexity of a multigenerational household, you’re not alone. And you don’t have to plan alone either.

At Evensky & Katz / Foldes, we build financial strategies that reflect real life—messy, unpredictable, and deeply rooted in family. Whether it’s planning for chronic care, adjusting your household budget, or updating key documents, we’re here to help.

Let’s make sure your family’s safety net is stitched together with more than hope. Connect with us to build it with intention.