Canadian savings plans

Does this scenario sound familiar to you? You are concerned about an elderly relative who may be taken advantage of financially by another relative or close “friend.” The elderly relative has money disappearing and while you strongly presume that the suspect is that close relative or friend, you don’t want to create a rift by pointing fingers? You wonder what to do? Is speaking up and possibly causing a fight between family members the most likely scenario? 

A frantic granddaughter explains in a newspaper column that she feels caught between a rock and a hard place as her grandmother’s financial resources dwindle. The culprits are both a relative and a close friend of the grandmother’s. 

This problem occurs more often common than you would think. How would you handle this situation? This article provides insight into how this delicate situation should be handled. 

Holding Power over your parent's finances?

Power of Attorney is an integral part of estate planning; it is a legal document which allows someone else the ability to act on your behalf to control your finances and assets. If you ever become incapacitated or unable to look after your finances, a Power of Attorney ensures that you won’t have to worry. 

So, what would happen if you were suddenly given control over say, your elderly parents’ finances? What would you do? Would you know what your roles and duties as your parents’ Attorney would be? 

Check out this informative article form MONEYSENSE for answers on overseeing your parents’ finances: Looking after Mom and Dad.

Living Will

Legendary radio host of American Top 40, Casey Kasem, passed away this past Father’s Day at the age of 82. Kasem suffered from both Parkinson’s and dementia and was taken off of life support at the behest of his children, who were following their father’s wishes.

Read More about Casey’s situation here.

You can also read about the tragic death of Martha Stewart’s late sister and her Living Will. If you have never reflected about the importance of having Living Will done, this article can give you pause for thought:  Read More Here.