Money Management Newsletter: Taxes
and Estate Matters
Who's going to take care of me?
Not that long ago the cornerstone of a traditional family's
financial and estate planning was to have several offspring. You take
care of the kids when they are young and they will take care of you when
you are old. This might have worked for our grandparent's generation and
still works in some families, but there is a new reality.
Families are smaller, people are more mobile and your children could be
living half way around the world from you. On the other hand, there are
more singles, or couples who married late in life and never had children.
There is also the situation where none of your children are able or willing
to look after you when you are old and frail or that you simply don't
trust them to care for you.
With this new reality how can seniors maintain their standard of living,
independence and pride?
There is a new service offered by some chartered accountants called Eldercare
or PrimePlus. This is an array of financial and non-financial services
that the client can choose from and tailor to their needs. Some examples
of what the chartered accountant will handle are as follows:
- Preparation of income tax returns and tax planning.
- Payment of expenses, deposit of pension, investment
of other income.
- Acting as Financial & Healthcare Power of Attorney.
- Review insurance coverage including long term care
- Budget for retirement expenses and lifestyle spending.
- Set up an Estate plan to minimize income tax and
- Review and/or restructure investment strategies.
- Structure Family or Alter Ego or Spousal Trusts.
- Manage real estate and other property.
- Address Snowbird issues.
In the event family members are not able or willing
to look after your financial affairs, or if an independent party is desirable,
Eldercare/PrimePlus may be your best solution. If you are one of the children
and feel guilty that you may not be able to care for an aging parent or
relative, Eldercare/PrimePlus ensures that your loved ones are cared for
and their finances are monitored and managed in their best interest.
* * *
Eldercare/PrimePlus is suitable not just for seniors but for persons with
For more information, contact Anne Chun via her advisor
profile, or her website.
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, Fiscal Agents Money Management Newsletter
25 Lakeshore Road, Oakville, On L6K 1C6.