aging parents

Live with Grace, Age in Place

Live with Grace, Age in Place is a seniors fair showcasing local seniors services in the areas of lifestyle, planning, health, and wealth.

About this Event

Live with Grace, Age in Place is a senior’s fair showcasing local seniors services in the areas of lifestyle, planning, health, and wealth.

About Live with Grace, Age in Place

This seniors’ fair boasts 20 local vendors showcasing services for seniors. This event is an opportunity to connect with local senior service business to address current or future needs.

Informative Presentations

We’re also pleased to offer ten half-hour presentations that showcase different topics regarding a healthy lifestyle, smart planning, and how to Age in Place. The schedule will be made available once confirmed. Please continue to check this page for updates.

Who should attend?

  • Retirees wanting to Age in Place and have a plan should their abilities decline
  • Pre-retirees wondering what is currently available
  • Adult children of seniors doing the leg work for their parents
  • Professionals working with seniors (networking)
  • Seniors Groups wanting a pleasant afternoon in a country club

Our vision for the Live with Grace, Age in Place fair is for families to come in and learn about senior services in an upscale venue, enjoy a drink and finger foods, mingle with other families, and connect with professionals that can address their current and future needs.

For more information on the organizers, please visit https://ohanacare.ca or http://financial-concierge.ca

Moving the Conversation from Cure to Care

Join Dr. Tia Powell in conversation about the meaning of quality of life with host Christina Frangou. One of the world’s leading dementia experts, Powell’s goal is to move the conversation away from an exclusive focus on cure to a genuine appreciation of care and what we can do for those who have dementia, and how to keep life meaningful and joyful for those living with the disease.

Apr 13 –  2 PM – 3:15 PM $15 – $20

Memorial Park Library, 2nd Floor

Event Website: https://wordfest.com/session/timely-tasty-talks-2019-tia-powell-dementia-reimagined/

The Challenge of Aging Alone

Aging alone is a challenge many people face. You may be one of them. Most pre-retirees and retirees know that, as they age, there is a single solid support system they can absolutely count on: their adult children. But what happens when they don’t exist?  What happens if they are too busy or unreliable?  What happens if they are prone to helping themselves to your finances?

A solitary old age is, for many, a threatening prospect, something to be contemplated with a mixture of apprehension and outright fear. That’s the bad news.

The good news is that there are strategies which can be adopted to minimize the impact of a solitary old age. You need a multi-faceted “Go it Alone” plan.

The 2011 Census of Population counted nearly 5 million (4,945,000) seniors aged 65 and over in Canada. Of these individuals, 92.1% lived in private households or dwellings (as part of couples, alone or with others) while 7.9% lived in collective dwellings, such as residences for senior citizens or health care and related facilities.

Most people aged 65 and over lived in a couple with either a married spouse or a common-law partner during their early senior years.

2011 Census data showed that about one-quarter (24.6%) of the population aged 65 and over lived alone.  The share of the population that lived alone was fairly low and stable until about the age of 50 for women, and until approximately age 70 for men.  After these ages, the prevalence of living alone increased for both sexes, but more sharply for women.

Older single and childless people are at higher risk than those with children for facing medical problems, cognitive decline and premature death.

Suggestions:

  1. Establish a “virtual board of directors” – a network of friends, financial advisor, daily money manager, lawyer, accountant or other professionals you work with. They can assist you with care and decisions.  Also develop a plan of action if cognitive changes occur.
  2. Expand your social network – for those aging solo, expanding a social network is essential, according to experts on aging. Isolation contributes to depression, cognitive decline and a decline in overall health.

 

Posted by Admin-FCI in Seniors Health and Wellness, 0 comments

Daily Money Management for Aging Parents

Baby Boomers’ Guide

Are you struggling to balance caregiving responsibilities for their aging loved ones with other family responsibilities?

The Challenge – Caring For Your Aging Parents

Caring for an aging loved one is an emotional and stressful situation. Many baby boomers – anyone born between 1946 and 19641 – struggle to manage the needs of their own children and grandchildren, while assisting their aging parents. Also referred to as the sandwich generation, approximately 7.7 million Canadians comprise the baby boomer population.
Trying to balance all the caregiving responsibilities of your family is a daunting task and can greatly impact your own quality of life. Managing the financial affairs of an aging parent is a major component in the caregiving process. Today, many baby boomers are alleviating this financial stress through daily money management services.

Daily Money Management for Aging Parents

What does a daily money manager do?

A daily money manager (DMM) brings clarity and order to an individual’s daily management of personal bills, budgets and record keeping. A DMM assists clients with activities such as bill paying, day-to-day banking, budgeting, insurance paperwork, and organizing records and receipts in preparation for income tax filing.

Who needs the help of a daily money manager (DMM)?

For vulnerable older adults, management of daily financial obligations can become an overwhelming burden, quickly spiraling into adverse behaviors and at-risk situations such as unpaid bills, un-deposited cheques, and the terrifying consequences of cut-off utilities, bank foreclosures, evictions, and financial exploitation.

An experienced daily money manager (DMM) can provide day-to-day personal financial services for elderly parents, giving peace of mind to children that their parents’ financial affairs are being taken care of properly and professionally.
Hiring a DMM may allow some seniors with health challenges to avoid guardianship and a complete loss of independence.

What sorts of tasks do DMMs typically handle?

In addition to bill paying, day-to-day banking, budgeting, and records organization, many DMMs are experienced with handling government and other insurance paperwork. This service eliminates the stress and confusion that often comes with these tasks, offering seniors and their families increased peace of mind. Also, a DMM can be a vital link to help senior citizens access community resources they may not even have known existed. Many DMMs are very knowledgeable about social support services for seniors.

If a senior can maintain independence with assistance in managing their financial affairs, they can continue to age in place versus going into a care facility. For the $5,000 a month charged by a care facility, you can arrange and hire an awful lot of service to be delivered in their own home – such as personal care, meal preparation or delivery, transportation to and from social activities and appointments, home maintenance, house cleaning, grocery shopping.

If I hire a DMM for myself or my parents, do I/we still need an accountant, financial advisor, lawyer, social worker, or geriatric nurse?

Daily money managers are not typically financial planners or advisers. They will interact on your behalf if requested with accountants, lawyers and other professionals.

How frequently do DMMs generally visit their clients?

Daily money managers understand that each client has different needs so visits are scheduled based on the tasks being performed, and the individual’s goals and availability. A client who needs help paying bills due to dementia issues may receive weekly visits from the DMM while another client may only see the DMM face-to-face occasionally because the statements and bills are managed online or because the type of work they are assisting with does not require as much time. When establishing a schedule, DMMs take into account the client’s needs, costs and time.

Does hiring a DMM involve giving up control of my or my parents’ money?

Absolutely not. A DMM’s role is to offer a “best of both worlds” scenario, where the clients retain control of their money but are freed from the responsibility of executing daily financial tasks. In many instances, DMMs work closely with the client’s financial advisor – assisting the advisor with the implementation of the client’s financial plan at the hands-on level. In this sense, a DMM’s role is to help clients, with their advisors, maintain control and independence.

Does hiring a DMM result in loss of independence in any way?

No. In fact, a DMM can help individuals keep their independence longer by assisting with all facets of personal financial affairs. Trouble staying on top of personal financial affairs is often the first sign that a senior may be becoming overwhelmed with the responsibilities of independent living. By removing that issue from the situation, DMMs are often instrumental in helping individuals remain independent for longer.

What should I expect the services of a DMM to cost?

Some DMMs offer a free initial consultation — ask in advance for their policy on first meeting charges.
Most DMMs charge for their services on an hourly basis, with rates around $150 per hour. Rates may vary greatly based on factors such as geographic location and type of service provided.

In addition to the hourly rates, most DMMs charge for their travel time and possibly for out-of-pocket expenses such as postage stamps provided to their clients and long distance charges for calls made on a client’s behalf.
Be sure that you understand the billing arrangements before the work begins.
Some DMMs request payment at the time of service and others bill on a monthly or bi-weekly basis.

How can I locate a DMM in my area, or near where my parents live?

You can find a DMM in your area by visiting www.aadmm.com and clicking on
“Find A DMM,” which allows you to search by province, city or postal code. Individuals
are also often able to find a DMM through a referral by a lawyer, accountant or social worker.

How do I know I can trust this person to whom I would be providing so much sensitive information?

AADMM members are expected to adhere to a strict code of ethics and standards of practice. AADMM promotes excellence in services through a voluntary certification program that emphasizes both experience in the field and continuing education. Certified daily money managers, called Professional Daily Money Managers (PDMM), must also submit to criminal background checks.

What questions should I ask when I interview a prospective DMM?

The type of work DMMs handle for their clients is highly personal and confidential. Whereas your personal judgment and instincts are important in determining the honesty of any professional with whom you may do business, you can take additional steps to safeguard yourself against becoming involved with a dishonest person.

First, ask for a referral from someone you know and trust, such as a friend, relative, lawyer, accountant, or doctor. If none of these people can put you in touch with a DMM and you must hire a basically “unknown” person, be ready to address the following issues before hiring a DMM:

Top 10 Questions to Ask When Hiring a Daily Money Manager

  1. What types of services do you provide? (Do you only do bookkeeping, or are there other
    ways that you can be of assistance?)
  2. How long have you been working as a daily money manager?
  3. What kinds of professional liability or Errors and Omissions insurance do you have?
  4. Are there industry standards and code of ethics to which you adhere?
  5. Are you willing to work with other advisors, for example, my financial advisor, tax
    accountant or attorney?
  6. What are the costs of your services and what are the common billing methods?
  7. How often do you usually visit your clients and what do you charge for travel, if anything? Would it be possible for you to assist me remotely, if necessary?
  8. Do you require and/or provide a contract?
  9. What about confidentiality?
  10. Can you provide a reference list?

A reference list should include two or more clients or their family members and at least one professional; it may include a personal reference. Take the time to call the references on the list, asking them whether the DMM is: respectful, dependable, efficient, empathetic, and professional in manner. Ask if there have been any conflicts, and if so, how they were resolved. Find out if asking for explanations of things not understood has been a comfortable situation.

Posted by Admin-FCI in Money Management, 0 comments
How to Choose an Executor

How to Choose an Executor

5 Tips to Help Seniors with Estate Planning

Choosing the right executor is essential for your senior’s estate.

An essential part of creating your older adult’s estate plan or will is to choose an executor – someone who will execute (carry out) their wishes after they pass away.

Making an informed decision helps them feel confident that their wishes will be fulfilled and family conflict will be minimized.

What does an executor do?

In Alberta, the correct legal term is “Personal Representative”.  We are using “executor” as that is the term most people are familiar with.  An executor is responsible for making sure a person’s last wishes regarding their property and possessions are carried out. They’ll make sure that any debts and creditors your older adult had are paid and that the remaining money and property are distributed as your older adult wished.

An executor doesn’t need to be a lawyer or financial professional, but the law requires them to fulfill their duties with honesty and diligence and in good faith – it’s called doing their fiduciary duty.

An executor is entitled to compensation from the estate for their time.  This fee may be outlined in the will.  If not, the acceptable range is 3 – 5% of the estate value.

Five Tips for Seniors:  

  1. Choose someone with a good head on their shoulders

The person your older adult chooses as their executor doesn’t have to be a financial whiz, but they should have basic knowledge of how to manage finances. And it’s better if they tend to be conservative when it comes to managing money.

There will probably be duties that they won’t be familiar with, so they should also be comfortable with researching and asking for help from experts.

  1. Make sure they’ll be there to do the job and have backups

It’s critical that the executor is able to be present and capable of administering the estate. If the person they choose is in poor health or is their age or older, that person might not be alive or healthy enough when it comes time to become executor.

That’s why it’s often better to choose someone younger. Of course, life is unpredictable so it’s a good idea to name backups, called successors. The successor can take over if the first person is not able to do the job.

Your older adult can name the successors or let their top choice person name a successor. They can also choose a third party as executor, a business who can provide this service.

A good idea would be to choose an executor, one or more backups (named in order of succession), and have a third party executor as the final backup.

  1. Understand the pros and cons of third party executors

It’s important to understand the trade offs when naming a bank or financial service company as executor.

First, they can only fulfill their duties as long as the business is still around – so the company has to outlive your older adult.

Second, the fees you’ll need to pay them to execute the will or estate will typically be more than what you would pay an individual.

Third, a bank or trust company executor will be impersonal. There will probably be different people involved over time and there may be inflexible policies they must follow to protect the company from liability.

You may wish to consider Financial Concierge Inc. as our fees are lower, our services are personal and in home where ever possible.  You will have a dedicated Financial Concierge.

  1. Being named executor is not an honour – it is a huge work assignment

Some estates have a lot of assets or will take a long time to administer.

In this case, your older adult may want to choose two (or more) people to act as co-executors. The benefit is that if there are tough decisions to be made or a lot of work to be done, it won’t all be left to one person.

However, having more than one person in charge could lead to conflict. For example, if children are all named equally as co-executors, that could cause tension or fights. Even if all the children are currently in agreement about how the assets would be divided, issues could come up when it’s time to administer the estate.

Your older adult would be better off trying to prevent family conflict rather than “being fair” to their children. If there’s a lot of potential for conflict, a third party executor may be a better option.

  1. Review choices regularly and make changes as needed

Things can change over time. Your older adult’s top choice today could be an unwise choice two years from now.

It’s good for them to review their choices regularly and especially important every time there’s a major life change. For example, when there’s a divorce in the family, someone becomes estranged, there’s a reconciliation between family members, etc.

In the case of a blended family or second marriage, a third party executor may be a good choice because they will be neutral and unbiased. For example, a second spouse who is executor could end up treating their biological children better than their stepchildren.

Need help with your own or your elderly family members Estate Administration? 

Get in touch with us today to book your complimentary initial consultation.

 

Posted by Admin-FCI in Money Management, 0 comments