Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP®
The COVID-19 Pandemic highlighted the key issue of Eldercare in Canada and why everyone should include an Eldercare strategy in their financial plan.
In my experience, this is an essential conversation that clients are having with their parents when they reach their mid-70s, and clients in their mid-70s have with their children.
What is the Eldercare Conversation?
Discuss the potential strategies with your parents and/or children if a physical or medical setback were to occur. Issues you may want to discuss could include:
- What would the strategy be if they/you needed extra help to continue living at home?
- How is this to be financed? Is it in the financial plan?
- What is the strategy if they/you decide they need to or simply want to move into a retirement home?
- Do they/you want or need to downsize their home?
- What is the strategy if only one spouse or parent needs care in a retirement home or long-term care facility?
- What would happen if both required care in a long-term care facility?
- What is the plan if dementia occurs for one or both spouses or parents?
- Have any funds or insurance been set aside to plan for extra care?
- Finally, create a list of all doctors and their contact information, and provide details of any health or insurance plans you may have in place.
This can be a complex topic to bring up; however, it must be done and planned for ahead of time if possible.
For more information on the Eldercare Conversation, you can refer to Chapter 10: The End of Summer from the book Preserving Wealth: The Next Generation – The Definitive Guide to protecting, investing and transferring wealth by Jack Lumsden, MBA, CFP®
For your FREE Copy, CLICK HERE
This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
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