Tag Archives: Power of attorney

Elder Abuse Day In Canada

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Today is Elder Abuse Day in Canada as Sharon Singleton points out in her article, Seniors should focus on estate planning.

Canada will mark Elder Abuse Day on Tuesday, with concern about retirement and pension planning mounting as the population ages. Nearly half of all Canadians from the baby boomer generation have not saved enough for their needs, according to a poll carried out for the Canadian Institute of Actuaries.

As lawyer Les Kotzer of Fish & Associates suggests that’s a recipe for exploitation of their elders. In his book, Where There’s an Inheritance, he collates about 80 anecdotes on how a lack of estate planning, or mistakes in working out a will, have led to abuses.

Longer lives and reducing financial resources give a double whammy to those who have done insufficient retirement planning. That can affect both the boomers and their parents. The boomers are hoping to inherit from their recession-era parents who are in turn dependant on over-indebted kids.

Kotzer points out that some of the most common problems come from giving up control to the children, without having proper protection in place. He cites a number of examples:

Children who had convinced their mother that she could save them money on taxes when she died by transferring her assets to them. They then paid her an allowance, though when she overspent one month, her daughter yelled at her.

An 80-year old woman was pressured by her son to put the house in his name to avoid probate taxes. What he didn’t tell her was that his business was going bankrupt and his creditors sent her a letter laying claim to the house.

A 75-year-old woman worked two jobs. She had loaned her daughter $100,000 and her son $150,000 and when her husband died asked for the money back. Her daughter didn’t have the cash and her son claimed it was never intended as a loan and she’d have to go to court and sue him for it.

It is important to keep good records and these documents need reviewing on a regular basis to reflect changes in life. Wills should be drawn up and kept up to date as grandchildren are born, or children get divorced. Putting such documents away and forgetting them is a recipe for a family disaster.

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Power of Attorney – Get One Before You Need One

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A Power of Attorney specifies who will manage your property during your lifetime, in case you are unable to do so yourself.  As Daniel O. Tully, Eldercare attorney, points out you should start the conversation soon. 

No one wants to face the fact that our loved ones will not be with us forever. Facing our own mortality is frightening as well.  Don’t be afraid to start the conversation. Whether you are a parent talking to your children, a husband talking to a wife or an adult child talking to an aging parent, bringing up the topic of death and disability can be difficult, but it is an important conversation to have.

Although none of us wants to contemplate a time when we or a loved one might become disabled or die, it is important to be prepared. There are many steps families can take in advance of death or disability to avoid future conflicts or uncertainties.

You need to be covering:

  • a power of attorney in case of disability
  • a health care power of attorney giving someone else the authority to communicate your wishes about medical treatment, if you are unable to do so
  • estate planning
  • a will
  • Funeral arrangements

You should also list information on the location of assets, such as bank accounts, property and stocks and bonds; the identity of important professionals who might have information about your estate; and the location of important records, such as loan, insurance and tax documents. The list can also contain things you want done immediately after you die, such as calling relatives or notifying employers.

It is important that Families must communicate and respect the designated Power of Attorney. A failure to do so can cause major problems.  A family member who is unaware of an existing Power of Attorney may grant rights to others that are counter to what has been authorized in the POA. 

When relatives are in declining health,  a POA should be registered with banks, investment firms, doctors, credit card companies and indeed any other company or institution they may have dealings with. Even their drugstore should have a copy.   Only in this way can the individuals rights and wishes be preserved and honored.

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Seniors Living Together

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Living together is increasingly the choice of the growing 50s and 60s crowd.

The most recent census figures suggest that older couples have little incentive to get married. There are big increases in the number of people over 50 in common-law unions, with the most significant growth in the early 60s crowd. At the same time, the practice is in decline among the 20 and 30-somethings.

Experts say that given more liberal social attitudes, a larger number of divorced and the lack of financial incentive to marry, many older Canadians simply don’t feel the need to marry.

Between 2001 and 2006, the most recent year for census data, the number of Canadians in common-law relationships shot up 77 per cent among those aged 60 to 64 and between 44 and 64 per cent for all other age groups over 50.

A US publication suggests that Cohabiting Seniors Should Protect Their Rights.

If you and your partner plan to live together without getting married, you can take a number of steps to ensure that you are protected and your wishes are followed in the event of ill health or death.

  • Sign a cohabitation agreement.
  • Provide access to health care decision making.
  • Sign a durable power of attorney.
  • Update your will.
  • Think about the tax consequences of gifts.
  • Look into registering as domestic partners.

This is an important checklist for seniors living together to consider, whatever the country they are living in.

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