Parent care responsibilities increase over time. With sensitivity
to their privacy and actual needs, here is how you may be able to offer your
aging parents some suggestions and perhaps some help:
1. Organize their finances.
Set up a joint bank account with your parent(s). Complete the bank's
own power of attorney form. Review your parents investment portfolio with
their financial advisor. Ensure that their bills are paid on time using duplicate
cheques for future reference.
2. Prepare for a possible decline
in health. The majority of seniors
do not have a general power of attorney that allows another person to act
on investment decisions for them. They may also need living wills. Consult
a lawyer.
3. Find suitable living quarters.
Evaluate your parents' current and future health and accommodation
needs. Ask your parents where they want to live if unable to maintain the
house or yard work. They may be expecting you to assess the options with them,
for example: your home, a nursing home, a retirement home, or a long-term
care facility. Special insurance now allows you to pre-fund certain amounts
for both in-home and facility care.
4. Obtain the necessary assistance.
There are service groups such as the Red Cross that provide canes, walkers,
wheelchairs and transportation; or perhaps Meals on Wheels could provide meals.
Depending on the province, health ministries subsidize equipment purchases
and in-home health care.
5. Organize their estate.
Advise your parents to update their wills and plan their estate to minimize
taxes on important family assets with capital gains such as a business or
cottage. The estate's tax liabilities on capital assets and RRSPs can be pre-funded
by using life insurance. Business buy-sell agreements or an estate freeze
may be necessary. Perhaps a living trust or a testamentary trust would be
of benefit.
