Archive for the ‘Family Matters’ Category

Mar 2
2011

Clearing House!

Wednesday, March 2nd, 2011

What to do with all that ‘stuff’.

submitted by Heather Knittel

As we head into our senior years, most of us would prefer to live at home for as long as possible. Unfortunately, that is not always possible. And if we have to move out of the family home, not only are we faced with decisions on the where’s and how’s but, also on what to take and what is best left behind or given to others.

Selling the family home evokes many emotions and discussions. Clearing a home of a lifetime’s collection of documents, possessions and their associated memories, is often wrenching for us. Our adult children may not live nearby or have the time to assist through the relocation process. However, these necessary activities can prove to be less stressful with professional help. A dose of non-judgemental support, especially for those of us who have recently experienced loss of a life partner or a change in health status, may just what we need.

A Professional Senior Realtor specializes in guiding families and the ‘senior client’ through the complete relocation process. It’s important to choose one who is compassionate, patient, and a clear and diplomatic communicator, as well as being a skilled salesperson to get the property sold for the best price.

The discussion with the PSR usually starts with exploring all the different types of housing options available, taking into account critical factors such as loneliness, loss of mobility, problems with memory, nutrition, deterioration of the neighbourhood, expenses of maintaining the house, or loss of driving ability

Once the ‘where to’ is resolved, the discussion should move on to the sales issues: When should the house be sold? What needs to be done to get it ready for sale? Are the adult children and the senior client all in agreement?

Readying the family home for sale.

How many years of stuff do you have in every room, on every floor? Wonderful memories for you, but for prospective buyers, not so great! The fact is … neat and organized homes move much more rapidly on the market. Clutter makes it harder to sell because it interferes with the buyer’s ability to use their imagination to see themselves, and their things, in that space.

De-cluttering can be a huge and ominous task, exhausting most even before the work has begun. Many of us just don’t know where to start and we feel uncomfortable about imposing on family and friends.

Professional organizers can help. And even more appropriate, are organizers like Practically Daughters™, a service which works with families to smooth out housing transition for aging relatives. “We are downsizing experts who understand how difficult it is to move from a long-time residence. We help clients sort out and distribute what goods should be given to relatives or charities, sold at garage sales, on-line or consignment or sent to recycling”, says Heather Knittel, a lead organizer for the service. “A professional organizer can also aid in selecting the furniture and treasured belongings that will fit best in the new surroundings plus oversee the organization of the new residence for maximum efficiency, comfort, and safety. They will often coordinate the details of the actual move, as well.”

The most important issue relating to a move in our senior years should be our health considerations. By working with professionals, and allowing them to be a part of the decision-making process as well as take on some of the necessary tasks, we can reduce stress and stay healthier throughout the whole housing transition process.

Heather Knittel is a personal organizer for Practically Daughters ™, a division of Good Riddance Personal Organizing Solutions. All views presented here are that of the author. Comments and questions to Heather Knittel at www.goodriddance.ca or by calling 604.421.9512

Nov 5
2010

Chilliwack’s Welcome.

Friday, November 5th, 2010

by Sharon Gaetz, Boomer Vintage 1956
MAYOR – City of Chilliwack, BC
Sharon Gaetz - Mayor of Chilliwack, BC

It is my pleasure to welcome you to the 2nd annual edition of this fantastic resource guide for Baby Boomers and seniors in Chilliwack. It is our hope that you will find everything you are looking for (and perhaps information you didn’t even know you were looking for) in this handy, one-stop guide.

If you can recall Woodstock, the Beatles and the peace sign and it seems only yesterday you were ironing your hair or, conversely, sporting an ‘afro’, chances are you are a Boomer. We Baby Boomers are a unique group, unlike any other generation before us and it is not just in numbers! We lead active lives and we know what we want out of life. We ask questions and we will continue to do so in our senior years. We have already had a profound effect on our world and really, we are just getting started!

In 2011 the first baby boomers will be turning 65 and officially entering their senior years. If we are fortunate enough, it is coming for us all at some point, so why not celebrate our longevity? Use this guide to start planning to enjoy tomorrow with happiness and appreciation for the chance to be the best senior citizen ever.

I think you will be surprised be the large number of resources and services available in Chilliwack. All this information is now at your fingertips, so take advantage of all our City has to offer while you are living life to the fullest!

Warm regards,
Sharon Gaetz
MAYOR – Chilliwack, BC
www.chilliwack.com


Oct 12
2010

Preparing for Future

Tuesday, October 12th, 2010

Seniors’ Care and Our Grandchildren

by Eric Foster, MLA
Vernon-Monashee
www.ericfostermla.bc.ca

Seniors make up a large part of who we are as a province and we want to give them the best supports possible. At the same time, we want to ensure we are creating a bright future for our grandchildren.

Times certainly have changed and will continue to do so. In 20 years, our province’s seniors’ population will more than double from 676,000 to more that 1.3 million. That’s 23% of our population. How do we plan today to ensure we are able to keep pace with this substantial growth?

This year alone, the provincial government expects to spend more than $2.44 billion on home and community care for seniors. In less than 10 years, we’ve built more than 6,327 new residential care beds, assisted living and supportive housing units, including 13,780 renovations. We’ve also made great strides to ensure those who require care are able to get it faster. In 2001, an individual would have waited a year for residential care and today wait times are less than 90 days.

In addition to ensuring our seniors are properly cared for in their later years, we’ve established ActNow community parks in 18 communities, designed to help seniors stay mobile, physically active and healthy.

To help alleviate any financial pressures seniors may face as they continue to live in their own homes, we’ve taken several measures. We have increased the Home Owner Grant and doubled the rent subsidy program for low income seniors.

In the Vernon-Monashee area, there has been a significant investment in supportive seniors’ housing. Through federal and provincial government cooperation , we are seeing the construction of Monashee Place, a 16-unit modular housing development for low-income seniors and individuals with disabilities. The Province has also built 14 new units in Lumby on Glencaird Street. Similarly, through Independent Living BC, Vernon has seen 38 assisted living units at Creekside Landing, a newly renovated campus of care for seniors. These beautiful new homes will allow seniors to stay in their familiar communities, close to their families and friends who are their life support units.

It’s incredibly important to our seniors’ health and well-being to keep them close to their friends and family. That’s why the Province has continued to build on our $180 million investment in the Vernon Jubliee Hospital. Improvements include a new emergency department and operating rooms, new intensive care unit, new acute care beds and a new maternity and pediatrics ward. All of these new facilities will keep families together during times of care and decrease the number of patients who will need to travel to other hospitals for treatment and reduce unnecessary stress.

All of these projects, whether it is the new patient care tower at Vernon Jubilee Hospital or new housing for seniors, have significant implications for our grandchildren’s generation. By investing in our local infrastructure, we are creating jobs for young people in our community. They do not have the need to pack up and leave our towns, when they can easily find good paying supportive jobs right here at home.

Our grandchildren’s schools are vibrant community hubs, which is why the Province has invested more than $55 million on the replacements of both Vernon Secondary School and Coldstream Elementary School. Every student deserves to learn in a safe and engaging facility to ensure they are getting the most out of their educational experience.

We are putting particular emphasis on our early learners in order to ensure the next generation gets the best start possible. In the Vernon School District alone, we’ve opened four StrongStart centres in Harwood Elementary, Alexis Park Elementary, Okanagan Landing Elementary and Mission Hill Elementary. This early learning program provides school-based early learning services for adults and their young children, from birth to age five, at no cost to families. Children have access to high-quality learning environments and benefit from social interactions, while the adults who accompany them learn new ways to support learning, both at the program and at home.

For a child’s next learning step, by September of next year, full-day kindergarten will be available to five-year-olds across the province. Research shows that a high quality kindergarten program has long-term benefits for children’s academic and social skills and helps them to succeed in school and in life. Full day kindergarten is another step towards building a strong foundation for lifelong learning, in a nurturing, play-based environment.

The Province will continue to prioritize investments in senior’s housing and in-home supports because they deserve as many options as possible to help them live independent and fulfilling lives. A large part of a senior’s fulfilled life is ensuring their grandchildren are well cared for. We will continue to ensure B.C.’s economic climate continues to keep families together.

For more information contact:
Mr. Eric Foster, MLA
Vernon-Monashee
3209 31st Avenue
Vernon, BC V1T 2H2
Tel: (250) 503-3600
www.ericfostermla.bc.ca.
Eric Foster is the elected represenative of the BC Legislature for the Vernon-Monashee constituency. The views expressed are those of the author and are provided as a general source of information only. Comments or questions –eric.foster.mla@leg.bc.ca, call (250) 503-3600 or visit www.ericfostermla.bc.ca

Jun 8
2010

Grandchildren & You

Tuesday, June 8th, 2010

Putting Some Aside For Your Grandchild(ren).
by Brett Millard, CFP
Thom & Associates Financial Planners Inc.

I’m often approached by new parents with a recurring question:

Our child’s grandparents would like to start putting some money away on their behalf. What is the best way for them to do this?

There are several investment vehicles this money can go into and each one can have an enormously positive impact on the child’s financial future. When started right from birth, these various investments have many years to grow and can often substantially or even completely cover future expenses that will arise.

The R.E.S.P. Gift

The first expense which we often recommend setting up an investment for, is the child’s post-secondary education. Registered Education Savings Plans grow surprisingly quickly due to the benefits of their tax advantaged status and the government grants that add a 20% bonus to your deposits. If you were to put as little as $25 per month into an RESP when your grandchild is born, they would have $13,000 set aside for their education by the time they reach 17 years of age. Depending on the education path that is chosen, a $100 per month contribution could fully fund a grandchild’s entire university education!

The Universal Life Gift

A second gift grandparents can provide is the creation and funding of a Universal Life policy for a child. This type of policy can be set up as early as 30 days after the child is born and has a couple of key benefits. It will provide the grandchild with very inexpensive insurance that can be transferred to their own name as an adult, regardless of future health condition and insurability. Additionally, with even a very small monthly contribution, the policy will grow to a very large value. A $25 per month investment into a $35, 000 face value UL policy would be fully paid up after 20 years. With no further investments in the child’s lifetime, the policy would have a face value of at least $160,000 at retirement as well as a $90,000 cash value at that time!

The Tax Free Savings Account Gift

The third option for a grandchild’s gift has been recently improved with the Canadian government’s creation of the Tax Free Savings Accounts. A straight cash savings accountcould be used in the child’s early adult stage of life to pay off remaining school costs, go on to graduate school or even put a down payment on their first home. Investing $25 per month into a TFSA would provide approximately $17,000 in this type of account at age 25, all of which can be accessed tax free!

It all adds up!

With the above three investment vehicles, these gifts can substantially improve a child’s financial future and give them an enormous head start in life. If each of a newborn child’s four grandparents were to contribute $25 / month into each of these three types of accounts, the child’s education would be completely paid for, they would have their retirement well funded and would have $68,000 set aside to purchase their first home!!

If it’s within the budget, wouldn’t we all like to have this kind of a head start in life?

This report was specifically written and submitted by Brett Millard, CFP of Thom & Associates Financial Planners Inc., Investia Financial Services (Kelowna, BC). It is presented as a general source of information only, and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide legal advice. Clients should discuss their situation with a certified consultant and seek advice based on their specific circumstances. Comments or questions – Brett Millard can be reached at (250) 863-6505 or by email brett@thomandassociates.com

Apr 26
2010

The ‘PARENT’ Talk

Monday, April 26th, 2010

Having “the talk” with your parents!
by Michael Danchuk, CFP & Richard Nash, CFP
Investors Group Inc.

Do you remember when your parents sat you down to have “the talk”? At that time, it was the last thing you wanted to hear and likely included some anxious moments and uncomfortable feelings.

Well, it could be time to think about another “talk” but, not with your kids – with your parents.

Many of us are reluctant to discuss health and finances with our parents until a crisis occurs. A sudden health issue can reduce estate planning options, as well as increase costs. That’s why discussions and preplanning are so crucial. “The talk” can be a difficult and emotional conversation to have. However, the benefits of knowing your parents’ wishes can be extraordinary.

Having “the talk”

If your parents’ health allows it, they should be involved in making decisions about their living arrangements, level of care and estate plans. Your role is that of supporter and information gatherer. Here are some tips that can make having “the talk” easier and assist you in finding answers to your questions and theirs:

  • Timing is everything–have your conversation well before a crisis occurs.
  • Consider that your parents may also be waiting for an opportunity to have a discussion about their future with you, and you are providing a welcome opening.
  • Use ice-breaking strategies such as offering to help with their estate planning or seeking their help with your retirement planning.
  • Keep in mind that your parents want and need to maintain their independence and dignity.
  • Listen, and try to understand their fears and anxieties.
  • Make sure that the conversation focuses on your parents’ health and well being and your love and concern for them.

What to discuss

Once you feel comfortable approaching your parents about having “the talk”, it is important to know what to discuss. Here are some tips on what to talk about:

  • Income – what are your parents’ sources of income, and do any conditions apply? For example, do they know how their monthly income will change when one of them passes on?
  • Investments– have your parents designated beneficiaries for their registered investments and insurance policies? If so, who are they?
  • Expenses – what are your parents’ expenses and will their income along with any government aid) be sufficient to cover projected home or personal care costs that may escalate with age?
  • Insurance – what types of insurance coverage do your parents have? Are there any holes that may need to be filled to protect the value of their estate?
  • Wills– do your parents have up-to date wills? Without a will, unnecessary taxes may be payable upon their death, there is an increased potential for contentious litigation, and the very real possibility that their wishes won’t be taken into account.
  • Executor – have your parents designated a personal representative (sometimes called an executor, or liquidator in Quebec) in their wills? This person (or trust company) is responsible for winding up their affairs and distributing assets and bequests in accordance with their wills.
  • Enduring Power of Attorney – have your parents given someone the power to make financial decisions on their behalf if either or both of them become incapacitated?
  • Living Will – (sometimes called a health directive and not valid in all provinces) have your parents provided explicit directions about the personal and medical care they desire should they become incapacitated? Have they appointed someone to make these decisions on their behalf? Have they considered a successor?

Have them show you where everything is

Be sure you know the location of your parents’ wills and other legal papers, as well as the location and content of their bank accounts and safety deposit boxes.

There are many financial and estate planning strategies available to your parents as they age. We can help sort out the details and ease the awkwardness of “the talk”, by bringing an outside perspective to your discussion.

And, while you’re at it, take a look at your own situation. If you’d like help creating a plan to cover any of the possible turns in your own life, call us.

This report specifically written and published by Investors Group is presented as a general source of information only, and is not intended as a solicitation to buy or sell specific investments, nor is it intended to provide legal advice. Prospective investors should review the annual report, simplified prospectus, and annual information form of any fund carefully before making an investment decision. Clients should discuss their situation with their Consultant for advice based on their specific circumstances. Commissions, trailing commissions, manage-ment fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ™Trademark owned by IGM Financial Inc. and licensed to its subsidiary corporations. “Having ‘the talk” ©2008 Investors Group Inc. Comments or questions – Michael Dunchuck and/or Richard Nash can be reached at (604) 270-7700 or by email richard.nash@investorsgroup.com

Mar 8
2010

The ‘Bill’ is in the mail

Monday, March 8th, 2010

by David Russell, MBA, CSA, CFP, FCSI
Nurse Next Door Home Health Care Services

How much of the $150 billion elder care bill will you have to pay?

Their love, commitment, and compassion for loved ones drove them to the edge, one martini away from a nervous breakdown.

It’s not the beginning of a dramatic romance novel. It’s the common reality. At the end of a lifelong relationship, roles often change: from spouse, sister, daughter, or friend to elder care provider.

Although some informal care givers report positive side benefits from providing the daily care needed by loved ones as they age, the vast majority are ill-equipped. This is a key reason why more than 40% of informal care providers suffer from depression and many more from burnout and eventually their own health problems.

In two years the population of seniors in Canada will exceed the population of teenagers.

Add to this impending demographic issue, the fact that we are living longer, yet not necessarily healthier and we can begin to see some scary realities when we consider long term care prospects. The World Health Organization has even suggested that we are “not living longer, just taking longer to die”.

Today, patients suffering from age related illnesses receive care from three sources: long-term nursing-home-like facilities, community care services and help from family. The data suggests that the number of people living and receiving care in their homes will increase by about 510,000 people by 2038, due to the lack of long term care facilities at that time.

I will be approaching 60 and my own mother, who has longevity in her family, will only be 85 — seniors will be looking after seniors!

Changing Landscape.

The changing landscape will lead us to bear an annual burden of $153 billion on the Canadian economy. It is $50 billion today. And this is not all. Since the demand for dementia care will drive more informal caregivers into patient homes, the opportunity costs related to this workforce will add about $56 billion to the annual burden.

When we put it all together, we see that there will be more elderly requiring care of various types, they will require care for longer than in previous generations, fewer young people will be available to provide that care, and government leaders are telling us not to depend on provincial programs and services when it comes to our long-term care needs.

Caregivers often face the challenge of trying to balance work, their own health needs, and care giving responsibilities. Stress and fatigue result, often to the point where caregivers become care receivers themselves. A proportion of caregivers reduce work hours, or leave employment altogether, for care giving reasons. These caregivers face immediate and long-term economic and non-economic repercussions. [refer to www.hrsdc.gc.ca ]

So what are some of the hidden costs of informal care giving?

According to the Canadian Academy of Senior Advisors, working caregivers in Canada are growing in numbers — and employees and companies are both feeling the impact.

  • 77% of family caregivers are women.
  • The average women can expect to spend 17 years caring for a child and 18 years caring for a parent.
  • Of the informal caregivers in Canada, 77% of males and 63% of females have full time jobs.
  • Reduces taxes to the extent possible, in some cases by creating testamentary trusts for beneficiaries who are in higher tax brackets.
  • 1 in 4 caregivers say their employment has been affected.
  • 19% of those employed report ‘significant disruption’.
  • 33% report ‘some disruption’.
  • 66% report that employers help them balance their care giving responsibilities.
  • Working-caregivers, who are juggling care responsibilities plus work duties, cost Canadian employers $16 billion per year.
  • 15% of caregivers admit to having physical or emotional health problems directly related to care giving.
  • Caregivers have a 63% higher death rate than other people their age.
  • Reduced availability for work, results in lower earnings often over an extended period of time, which results in lower savings rates, and often earlier retirement than planned, due to health failure.
  • Reduced work life, results in a substantial decrease in retirement savings and a longer period that those savings will be needed.
  • Burnout, stress related illnesses and lower retirement savings accounts result in a reduced quality of life for the caregiver.
  • The evidence is clear that the costs of care giving are rising and will increasingly become our own responsibility. Whereas many people feel an “obligation” to look after their elders, it is often financially, emotionally, and physically taxing on the individuals and the economy in general.

There is an entirely separate discussion on how to plan for and finance elder care, one of the obvious solutions is private home health care. A growing trend and one that has proven to be both cost effective and extremely beneficial, home health care allows the recipient to customize the amount and type of care that they get. In many cases, the home health care provider is part of the team of family care givers, providing supervision, respite and higher level care in conjunction with family and friends, therein helping seniors stay happy, healthy and at home.

This report specifically written and published by David Russell, a Certified Senior Advisor and a Certified Financial Planner, and a managing partner with Nurse Next Door Home Health Care Services. www.nursenextdoor.com It is presented as a general source of information only, and is not intended as a solicitation for services. . ©Nurse Next Door, Comments or questions – David Russell at Nurse Next Door (Kelowna) – (250) 450.9750 or by email kelowna@nursenextdoor.com

Jan 28
2010

Aging Driver Myth

Thursday, January 28th, 2010

Driving in the Senior Years.

by Sean Wells
DriveWise Canada

Myth vs. Fact.
A common myth among many is when you become a senior, you are a bad driver. In fact, many older, more experienced drivers remain safe on our roads.

The issue is that as we age, our bodies both physically and mentally begin to change as we grow older. This may affect the way we drive.

Many decisions must be made for every minute of driving. Each decision requires an almost immediate response. Today’s roads are much busier than they were 60 years ago. We are not just watching out for other cars anymore, but more road users such as pedestrians, cyclists, motorbikes and motorized scooters to name just a few.

Older drivers take longer to respond to important decisions. Some might have to deal with weaker muscles, limited range of motion and a reduction in flexibility. This can interfere with their ability to be aware of their driving environment which is 360 degrees around a vehicle.

Tips for the aging driver:

  • Once a year, see your doctor and vision specialist.
  • If you are feeling ill or tired, don’t drive.
  • Consider bringing along a passenger to help you navigate.
  • Give yourself space to respond to potential hazards by watching the traffic ahead of you.
    Use at least the two second rule when following other vehicles.
  • Talk to your family and friends about your driving and any concerns they may have.
  • Consider taking to a driving specialist about available programs which are designed to help seniors increase their road safety.
  • Take a driving evaluation BEFORE you retest for your licence.
Many senior drivers will be sent a letter ordering them to re-test their driving skills with ICBC. This can be a stressful time. Make sure you are prepared ahead of time. The road test is very difficult – We are here to help you.
This report specifically written and published by DriveWise Canada. Drivewise BC specializes in senior driving training programs www.drivewisebc.com

Oct 6
2009

Educating Grandkids!

Tuesday, October 6th, 2009

Will your grandchild be able to afford university?
submitted by Global Education Management Corporation

Pens, paper, binders, back-pack and of course new clothes — it must be back-to-school time and your grandchild is heading off to elementary school. From experience, you know that your grandchild will grow in a blink of an eye -just like your child did.

And in no time, your grandchild is ready to go to college and university. But post-secondary education costs are more that just some paper, binders and new clothes.

In fact, you’d be shocked to find out the new additional costs that your grandchild will need to pay. Gone are the days when working a summer job could pay for school or when parents could cover the cost of college or university out of pocket.

When your grandchild is ready to attend university, an average four-year Bachelor or Arts degree is expected to cost over 110,000*. This amount covers the increasing costs of tuition and education related expenses such as books, supplies and accommodations.

Although costs may vary by program, school and province, many of the same expenses will still apply to both college and university students across Canada.

Is your grandchild ready for the real cost of education?

As a concerned grandparent, you can help. Consider investing in an Educations Savings Plan for your grandchild such as the Global Educational Trust Plan (Global Plan).

When the Global Plan is registered†, your savings grow tax-deferred. The money is taxed only when your grandchild withdraws the funds to pay for tuition and education-related expenses. You can contribute up to a lifetime maximum of $50,000.

In addition, the Government of Canada offers additional funding such as the Canada Educations Savings Grant‡ (CESG) and Canada Learning Bond (CLB), which add up to $9,200 in extra savings.

For more information about government grants and saving for your grandchild’s Education Savings Plan, contact a financial professional today.

* “Education Cost Calculator”, CanLearn Website (www.canlean.ca). Assumes 3.0% annual inflation from 2007 to 2025 ‡ Subject to eligibility † The Global Plan is eligible for registration under section 146.1 of the Income Tax Act. Registering the Global Plan is subject to meeting any and all age, residency, Social Insurance Number provisions and other requirements of the Act. 02091 (091807) www.globalfinancial.caEvery dream needs a Plan. This report prepared by Global Education Management Corporation, Global Educational Marketing Corporation, #101 4940 Canada Way Burnaby, B.C.V5G4K6 tel: 604.430.5475