This article is part of the “Newsletter Series”, articles taken from the Premier Homecare Services’ quarterly newsletter archives. The quarterly newsletters have been produced since Premier Homecare Services’ first year of business, back in 2005.
Preparing yourself financially
brings peace of mind.
Discussing finances is often the talk children don’t want to bring up with their aging parents. The problem is, now is more important than ever to ensure a stable financial future for loved ones. Here are some things to consider:
Update your records
The New Year is here and it’s time to update financial records and information such as bank accounts, insurance, estate information, accountants, investments and safety deposit boxes. Keep the records in a secure place and give a duplicate copy to the person responsible for financial affairs.
Seek professional advice
Seek advice from professionals such as lawyers or financial planners specializing in giving advice to Seniors to ensure you are in the best position. Saving taxes and other fees on estates; investments; equity between children.
Be financially prepared for the unforeseeable
Be prepared for unforeseen medical and care expenses. Keep an appropriate amount of money set aside along with a financial plan of action. This ensures that in a crisis there is some comfort financially.
Ensure your insurance covers your needs
Contact your loved one’s insurance agent to ensure their needs will be met in the case of emergency, travel or accident. Research and discuss new coverage opportunities.
Revisit your Canadian Pension Plan
There are benefits available in addition to the CPP for which you need to apply. The Survivor’s Benefit is for surviving spouse of common-law partner and a Death Benefit is a one-time payment to the estate, both of which are for those who have made significant CPP contributions. For more information contact Service Canada 1-800-277-9914, TTY 1-800-255-4786.
The Last Post Fund provides eligible war veterans and peacetime disability pensioners with funeral and burial benefits (1-800-563-2508). Veterans Affairs Canada offers pensions, advocacy, financial assistance, survivors benefits, transportation and veterans programs to those eligible. Contact 1-866-522-2122 for more information.
Pre-plan the funeral and burial expenses
While it seems a dark topic to bring up to aging parents, it is a very important one that can ease loved ones’ minds in a time of grief. Research, plan ahead and shop around.
Consider a ‘Continuing Power of Attorney for Property’
A ‘Continuing Power of Attorney for Property’ covers your financial affairs and allows the person your loved ones name to act for them even if they become mentally incapable of doing so.
Consider care options to ease the burden on family
From grocery shopping, meal preparation, and medication reminders to personal care, professional caregivers can give busy family members peace of mind that their loved one is getting the best possible personalized attention and care. Planning ahead with a homecare company such as Premier Homecare Services, can be a resource of support and information. To arrange a free in-home assessment please contact us.