Financial
Planning Solutions
Having
"the talk" with your parents
BRIAN
G. KONRAD CFP, Financial Consultant
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. Thats 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 everythinghave 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 wont
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 youre at it, take a look
at your own situation. If youd like help creating a
plan to cover any of the possible turns in your own life,
call us.
__________________
BRIAN
G. KONRAD CFP
Financial Consultant
brian.konrad2@investorsgroup.com
(204) 489-4640 ext. 246
100-1345 WAVERLEY STREET
WINNIPEG, MB R3T 5Y6
1-888-205-4828
www.investorsgroup.com/consult/brian.konrad
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, management 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.
Insurance products and services offered through I.G. Insurance
Services Inc. (in Quebec, a financial services firm). Insurance
license sponsored by The Great-West Life Assurance Company
(outside of Quebec).
Trademark owned by IGM Financial Inc. and licensed to
its subsidiary corporations.
Having the talk ©2008 Investors Group
Inc. (04/2008) MP1359
(Read
more in the Sep
6-26/2010 issue of Senior Scope)
My
daily routine
to health, fitness
and mental breakdown
William J. Thomas
Like most
aging baby boomers I am determined to stay healthy, fit, active
and
Hey! Get that rubber glove away from me!
and medically violated on an annual basis.
I try
every day to do the right thing for my body but Lord knows,
it aint easy.
For instance,
a few years ago when the study came out that red wine contained
resveratrol which was quite beneficial for the heart, I went
for it. When a follow-up study confirmed the resveratrol advantage
but estimated a person would have to consume something like
20 bottles of red wine a day in order to experience real benefits,
I went for that program too. I have no recollection whatsoever
of 2008.
Still,
I soldier on in the name of mental and physical wellness.
I follow a daily regimen that I hope will see me fit and feisty
by 85 but sometimes it seems my regiment has been infiltrated
by the Taliban.
7:45 A.M.
The radio alarm goes off and CBC-Radio One informs me that
Portugal has been eliminated from the World Cup, Bob Probert
has died and Stephen Harper is still prime minister. I reach
for the bottle of Tylenol and by mistake I down four Fishermans
Friend cough drops which give me instant indigestion.
8:00 A.M.
I pad down the beach steps, drop the towel on the railing
and take my morning plunge. It wakes me up, I do fifty breast
strokes out, fifty back and I feel great. This sets up my
day like a golf ball to a tee.
8:30 A.M.
I remove my old-fashioned, whistling kettle from the stove
for my tea, list my days priorities and catch the local
weather report which ends with an E. coli bacteria warning
for Lake Erie beaches. Swimmers are instructed to stay out
of the water. Symptoms include headaches, vomiting and diarrhea.
8:50 AM.
I scan the Toronto Star to learn that my stocks have been
decimated, the city of Toronto is under siege by anarchists
and storm troopers and a new medical study links Alzheimers
disease to tin pots, like my favorite, old-fashioned kettle.
9:00 A.M.
Depressed and slightly nauseous, I go out to my office in
order to write something funny.
9:15 A.M.
As I prepare breakfast, the smells of bacon and eggs frying,
toast and fresh perked coffee still linger after all these
years. I open a packet of Quaker instant oatmeal which helps
lower my bad cholesterol. I add hot water and stir. Thats
my breakfast goop.
9:35 A.M.
I return to my office in the hunt for something humorous to
write about when I come across a recent clipping of Darryl
Durr a 46-year-old serial rapist and murderer in Cleveland
who is asking for a stay of execution because he claims he
will likely suffer a violent allergic reaction to the lethal
drugs that the state of Ohio will use to kill him.
10:00
A.M. After a few business phone calls, I go for a walk. Its
hot and very humid. Great. Ill sweat more. I do a brisk
walk along Camelot Bay and back.
11:00
A.M. I catch the news on CBC-Radio which warns people against
exercising in these record-setting temperatures. The symptoms
of heat exhaustion are headaches, vomiting and diarrhea.
11:05
A.M. Hey, I might as well go for a swim! So I do.
11:20
A.M. Im starving. Right about now Id trade my
car for a Dagwood sandwich with both mustard and mayonnaise.
Instead I throw a handful of raspberries in a bowl and smear
them in vanilla probiotic yogurt. Thats my snack
pink goop.
11:45
A.M. Back to my morbid humor column I come across a news item
in which a woman who was put to death in Texas for murder,
ordered Twinkies, Cheese Doodles and Diet Coke for her last
supper. The closest Ive come to crime is a speeding
ticket and yet from that three-course meal to die for,
I could only have the Coke.
12:10
P.M. After sorting my mail, I open my cheque from the Ontario
Government which is supposed to help me get through the early
stages of the dreaded Harmonized Sales Tax. The amount is
$10.40. In the eight days since the tax kicked in, I've been
H.S.T.ed by about $60.00. This reminds me to
12:15
P.M. I dutifully perform the horribly disgusting Guaiac Test
which the Ontario government assures me will reveal the condition
of my colon. I smear stool on the appropriate markers, seal
the envelope and write Dalton McGinty Personal
above the government address.
12:30
P.M. I now feel nauseous. Im also confused because I
dont know if its due to E. coli bacteria, heat
exhaustion or the smear test.
1:30 P.M.
I spot the flashing light on the mail delivery truck and I
rush to the road to have a conversation with my postie because,
according to the experts, engaging in social intercourse reduces
stress. I want to talk World Cup. He talks tires. The postie
misinterprets my offer of intercourse. Awkward.
2:00 P.M.
Gallows humor column starts to gel when I locate the clipping
confirming the town of Biritiba Mirim, Brazil has no more
space to bury dead people and no land for a new cemetery so
the mayor has outlawed death. He encourages residents to look
after their health and lists the penalties if they break the
no dying law.
2:30 P.M.
Late lunch of wild salmon, triscuits and carrot sticks. Im
eating so much food loaded with Omega-3 fish oils, two small
openings have appeared on my upper arms. They look a lot like
gills.
2:45 P.M.
I take my pills - a multi-vitamin with mineral supplement,
an aspirin, a Choless tablet and Niacin.
2:46 P.M.
My body is suddenly covered in hives, my face is on fire and
my heart is racing. I look at my grocery list. Bad handwriting
means I bought non-generic Niacin instead of non-flush
Niacin. I take a steel brush to arms and legs.
3:30 P.M.
Not tired, but I nap anyway to restore melatonin levels.
4:15 P.M.
I awake and face the fact that my daily plan to stay fit and
mentally sharp has become a serious hazard to my health. I
realize the only way Ill ever see 85 is to move to Biritiba
Mirim, Brazil and obey the law.
4:20 P.M.
Taking no chances, I stay perfectly still until 5:55 p.m.
5:55 P.M.
Finally, preparations are made for the news hour and salad
shooting or as I call it, my resveratrol treatment.
Today I will have to increase the dosage.
______________________________
William
Thomas is the author of nine books of humour.
For comments, ideas and copies of The True Story of Wainfleet
go to www.williamthomas.ca
(Read
more in the Sep
6-26/2010 issue of Senior Scope)
|