The reality for many of us in North America … we will be dealing with the care issues of a parent/family member for 10-15 years.
These issues did not exist a generation ago. Life expectancy was only the late 60’s for men and early 70’s for women. Today more people are living beyond 90-100 and care in one shape or another can last 20 to 25 years.
This can be both emotionally draining and can severely impact the financial resources for care givers and their families.
But there are some things that can be done to simplify this process and take some of the burden from family so the transition to care can run more smoothly.
(Make sure to watch the video below “The Curse of Long Life”. Very informative conversation.)
From a financial point of view a review of the a current financial position and assets of the parent/family member is good place to start. Here are three things to review
- Cash flow – Update of a current budget. Is your parent/family members needs being met and what are the costs for their current living arrangements.
- Guaranteed Income – What income does your parent/family member qualify for, and are they receiving it.
- Investment or Other Income – What other sources of income do they receive.
Legal issues are important to review. There are a numbers of legal documents to have updated as you plan for care of a parent/family member (take from the Public Guardian and Trustee of British Columbia website) –
- Enduring power of attorney (EPOA)
- Representation agreement for financial affairs (Financial RA7)
- Representation agreement for personal and health care decisions (Personal/Health Care RA9)
- Representation agreement with standard provisions for personal and health care decisions (Personal/Health Care Standard RA7)
- Advance directive for health care (Advance Directive)
- Nomination of a committee of estate and/or person (Nomination of Committee)
As baby boomers help there parents, they also help them selves and their kids. The future is many boomers could live 30 – 40 years in retirement, and 25 – 30 years in some form of care.