By Anne Chun, C.A., CFP
Families are smaller, people are more mobile and your children could be living half way around the world from you. There are more singles (by choice or because their spouse predeceased them), and of course, there is the situation where none of your children are able or willing to look after you when you are old and frail or that you don’t trust them.
How can aging parents maintain their standard of living, independence and pride?
As parents age, there are more than Medical issues, there are Financial issues that need to be addressed. This article will focus more on the Financial issues.
Family members may not have the expertise to deal with financial issues. There may be no consensus on how to deal with certain issues. This is when an experienced advisor will be able to help. Some examples are:
- Financial Planning to ensure there is sufficient income to cover expenses.
- Appointing Power of Attorney for Healthcare and Financial matters.
- Review insurance coverage including long term care insurance.
- Set up an Estate plan to minimize income tax and probate fees.
- Review and/or restructure investment strategies.
- Preparation of income tax returns and tax planning.
- Manage real estate and other property.