Estate Planning
If you have a family, it’s important to make sure that they are taken care of after your death. A will is one way to do this. A will allows you to specify who will inherit your property and other assets, including who should care for any minor children if both parents die.
You may also want to consider setting up a trust as part of your estate planning process. Trusts can be used in many different ways–for example, they can be set up so that an heir receives money from the trust only when he or she reaches a certain age (a “spendthrift” clause), which could help protect against financial abuse by others; or they might allow for some flexibility over how much money goes into each beneficiary’s hands at different stages in life (such as college tuition).
If someone else needs power over your finances but doesn’t want total control over them (for example, if you’re too ill or incapacitated), then naming him or her as power-of-attorney may be necessary; this person would then be able to make decisions about paying bills on behalf of another person until such time as he/she recovers enough mental capacity again. You can read more about that here: https://wolseleylaw.ca/wills-estates-and-elder-law/
Health Care Planning
Health care planning is one of the most important things you can do to ensure that your wishes are respected and carried out. By creating a health care directive and assigning a health care proxy, you can ensure that decisions about your medical care are made according to your wishes. If you have chosen not to create an advance directive or assign a proxy, then provincial law will determine what happens if you become incapacitated and unable to make those decisions yourself.
When it comes time for long-term care (LTC), there are several options available: home-based LTC services such as adult daycare centers; assisted living facilities; nursing homes; or continuing care retirement communities (CCRCs). Each option has its own benefits and drawbacks depending on how much assistance is needed from staff members at these facilities–and each comes with its own cost structure as well!
Financial Planning
As you age, it’s important to have a financial plan in place. This can include creating a budget and planning for retirement, as well as exploring financial assistance options that may be available.
Housing Arrangements
- Senior Living
If you’re an older adult, or if you know someone who is, it’s important to explore options for senior living. This can include independent living facilities or assisted living facilities. You may also want to consider moving in with family members or friends who live nearby. - Home Modifications
As people age, they often need help with daily tasks such as bathing and dressing themselves. When this becomes too much for them alone–or when it becomes impossible for them alone–it’s time to make some changes in their home environment so that they can continue living safely on their own terms without needing constant assistance from others around them all day long every day throughout each week. Some examples include installing grab bars near toilets; widening doorways so they’re easier for wheelchair users; adding ramps outside entrances where snow piles up during winter months
Insurance Planning
- Long-term care insurance
Long-term care insurance can be a good option for people who are concerned about the cost of nursing home care. It’s important to evaluate your options carefully, though, and make sure that you understand what kinds of benefits each plan provides before buying one. - Health insurance options
If you have employer-sponsored health insurance, it’s important to evaluate whether or not this coverage will continue after retirement. Long term drug coverage will typically end after retirement and so it may be important to consider what that coverage may look like, and what government Pharmacare limits and deductibles might be for you.
Tax Planning
Tax Planning
A tax professional can help you plan for retirement and ensure that you are taking advantage of all the deductions and credits available to you. Tax planning is also important for ensuring that your estate is properly structured to minimize taxes on death, which may include setting up trusts or other legal arrangements ahead of time.
End-of-Life Planning
When you’re faced with end-of-life planning, you may be thinking about what arrangements to make for your funeral and burial. You may also want to consider how much time you have left and what kind of care you would like in the event that your health deteriorates.
You can help ensure that these decisions are carried out in accordance with your wishes by creating an end-of-life plan. This includes deciding on funeral arrangements, such as whether or not there will be a public viewing or open casket service; who should attend; where it will take place; what music is played during services; whether or not there should be flowers sent by family members; etc.; creating a living will (also known as an advance directive) which outlines how medical treatment should proceed if one becomes incapacitated due to illness or injury. Even MAID is becoming more complex, with new rules set to take effect soon. Talking through those options can be important as well.
Caregiver Arrangements
If you’re caring for an elderly loved one, you may need to hire a caregiver. You can also look into finding support services in your area and making arrangements for respite care.
If you are caring for someone who has dementia or Alzheimer’s disease, it’s important to know what legal arrangements should be made before they lose their ability to make decisions on their own behalf.
Technology Planning
- Assistive technologies: Assistive technology is any device or service that helps people with disabilities to do things they cannot do on their own. Examples include screen readers for people who are blind, text-to-speech software that converts written words into audio speech, and devices that allow people with mobility issues to use computers more easily.
- Online resources: The Internet has become an indispensable tool for many older adults and their caregivers. It can help them find information about legal matters, health care services and other community resources; connect with others who share similar interests; stay in touch with family members who live far away; participate in online discussions about topics important to them (such as aging); learn new skills like using social media platforms like Facebook or Twitter; order groceries from home delivery services like Instacart or Peapod; manage finances using online banking tools such as Mint (which also tracks spending habits); find transportation options such as Uber/Lyft ridesharing services–and much more!
Conculsion
There are a number of considerations when we think about getting older and many of them go hand-in-hand. For example you tax planning and estate planning will often overlap. If you have questions about these, or if you know that there is some planning that you’d like to do, please reach out and schedule a chat with us.
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