money management

A Client Story – Retired Businessman Hires Financial Concierge

A Client Story – Retired Businessman Hires Financial Concierge

A Client Story

John, a lifelong businessman, exclusively handled the family finances. Dealing with congestive heart failure, shortness of breath, signs of dementia, chronic pain and depression, the formerly astute businessman, was simply not feeling well and neglecting his personal or business affairs.

His long-time lawyer, accountant and business partners had been noticing for a while that he wasn’t on top of things like he always was. Their gentle reminders to him were acknowledged but not executed.He and his wife had their Power of Attorney drafted as instructed but a year later, when needing to activate Power of Attorney, it was still in draft form, not signed.

Missed payments, overpayment of credit cards and phone bills, stale-dated dividend cheques, partnerships and long-time company needing to be wrapped up.

Knowing his wife had never been involved in the family finances, John asked for help from Financial Concierge.

We got involved and:

    • organized all paperwork and important documents into a Family Playbook™
    • went through piles of mail to troubleshoot issues
    • filed bills and documents into his existing filing system
    • had stale dated cheques re-issued & set up direct deposit of future dividend payments
    • called credit card company and had the large overpayment sent to their bank account
    • consolidated gas and electricity bill saving fees and confusion
    • cancelled an air filter program he was being billed for but no longer using
    • set up online accounts for cell phones, utilities, banking
  • provided information to his accountant to proceed with winding up John’s company
  • collected & organized all personal tax receipts & delivered to his accountant for tax preparation
  • contacted a driving service to take him to medical appointments in the city

This type of situation is not uncommon. As you get older and have to deal with health issues, it’s a smart move to bring in assistance and let someone else handle it for once.

Jill Chambers, the President of Financial Concierge, says, “We are dedicated to providing assistance to and supporting our seniors in Canada. We see a growing gap in society as the ‘sandwiched’ generation struggles with taking care of their children, paying their own bills, and looking after their aging parents. We step in to fill those gaps and take care of the organization and administration of day-to-day issues so you and your family can concentrate on enjoying your time together.”

If you think you could use the help of Financial Concierge, book a consultation with us today!

Posted by Jill Chambers in Money Management, Newsletter
Helping Aging Parents with Finances

Helping Aging Parents with Finances

5 Ways to Reduce Resistance

Managing financial matters is an important part of caring for an older adult.

But it can be tough to convince someone that they need help, even if all the signs are there.

For example, if they’re forgetting to pay bills, making unwise purchases, or getting confused about their accounts, it’s probably time to step in.

But even if they’re having problems, many people are still resistant to having someone get involved in their finances.

To reduce defensiveness, we share 5 essential tips for helping aging parents with finances.

We also suggest specific tasks to focus on to make the new responsibility a little less overwhelming.

  1. Work with them and respect their decisions

If your older adult is still able to manage their finances fairly well, be respectful of their decisions and work with them instead of taking over.

They’ll (hopefully) appreciate your help in executing details like paying the bills every month. And typically, they’ll be more likely to accept additional help when they realize you’re not trying to take away their control.

If your older adult has dementia or a cognitive impairment, you may need to take over and make decisions on their behalf.

But it’s still kinder to make them feel included and in control, even if they can’t manage things on their own anymore.

Work with other family members to make sure everyone is on the same page and they understand that you’re looking out for your older adult’s best interests.

  1. Locate important documents

It’s critical to know where the important financial documents are so you can locate them in an emergency or if your older adult becomes incapacitated.

This allows you to protect your older adult’s assets when they’re not able to take care of things themselves.

Your older adult may be concerned that you’ll use these documents before you have to, so be sure to reassure them that you’ll only use the information in an emergency or when they’re not able to.

Important documents typically include: 

  • Bank and investment statements
  • Wills
  • Insurance policies
  • Pension records
  • Home mortgage or reverse mortgage
  • Car title
  • CPP and OAS payments
  • Safe deposit boxes
  1. Get access to financial accounts

Getting access to your older adult’s bank accounts requires advance planning and likely, some specific paperwork.

Banks and other financial institutions have strict rules about who can access accounts. And sometimes, they require their own documents to be completed even if you already have a Power of Attorney.

To write cheques or withdraw money from your older adult’s accounts, you could become authorized to conduct transactions.

To get access to a safe deposit box, your older adult can authorize a “deputy” or “agent.”

Important: Before signing paperwork or getting joint access to any accounts, consulting with a fiduciary, elder law attorney, financial planner, or other qualified professional is always recommended to avoid unintended consequences.

  1. Keep family informed

Your older adult should stay involved in their financial decisions as long as they can.

But if that’s not possible and you need to take full responsibility, it’s wise to share information with other family members or involve them in the process.

This helps avoid conflicts later, like one person accusing another of inappropriately spending the older adult’s money behind the family’s back.

Holding family meetings to discuss finances is also a good way to keep everyone up to date on spending and income.

It’s also smart to keep a record of significant discussions, decisions, and actions in case there are disputes in the future.

  1. Prepare for the future

If your older adult doesn’t already have a will or estate plan, now is the time to convince them to meet with a lawyer and start the process.

These key legal documents are important because they affect how their assets are distributed when they pass away.

It’s also important to complete other essential legal documents like a Power of Attorney and living will. This allows you to make decisions and take action quickly during a health crisis.  The “living will” has different names depending on the province – Power of Attorney for Health Decisions, personal directive, or healthcare directive.

Need help with your own or your elderly family members financial matters? 

Get in touch with Financial Concierge Inc today to book your complimentary initial consultation.

Posted by Admin-FCI in Money Management

Aging in Place

October 21st  @ 6:00 pm – 7:30 pm

South Health Campus

4448 Front St SE

Wellness Class Room 180006  

Call 403-472-6445 to register as space is limited

“Aging in Place” means having access to various services and the health and social supports you need to live safely and independently in your home for as long as you wish or are able. Aging well involves being honest with yourself and having a plan. Most Canadians want to remain in their own homes for as long as possible.

This workshop is designed to get you thinking about all 9 areas of life to consider when Aging in Place. Start to draft a plan to age well.

Register thru Eventbrite www.eventbrite.com/e/aging-in-place-tickets-63259867968

Or call Jill Chambers with Aging in Place Supports at 403-472-6445.

Prevent Elder Fraud by Getting Rid of Junk Mail

Thieving fraudsters are making a business of taking advantage of older adults. Almost 4 in 10 seniors are affected, losing over $3.6 billion each year.

And this isn’t only happening to the very old or those with Alzheimer’s or dementia – younger, more educated seniors are actually losing more money.

Did you know that the amount of junk mail your older adult receives is a sign of their fraud risk?

Getting rid of junk mail might seem like a lot of work, but it’s well worth it if it protects your older adult from losing their life savings to fraud.

  • Shred those pre-approved credit card applications

Putting a stop to the junk mail being sent to your older adult’s house is essential for reducing their fraud risk.

  • Have sign on the mailbox “No junk mail or flyers”.
  • If mail delivered to a superbox or bank of mailboxes in a building, have the postal carrier put a sticker in your slot indicating “No junk mail or flyers”.

It also reduces the risk that someone with early dementia would repeatedly donate to multiple charities, sign up for many credit cards, or spend an excessive amount on catalog purchases.

Posted by Admin-FCI in Financial Abuse, 0 comments