Seniors require careful financial Dianning |

I'VE heard it said that
there are three things
people don’t want to
talk about: sex, religion
and money.

The younger generation
nowadays seems to feel quite
comfortable discussing sex and
religion — every time I turn
on the TV or open a newspa-
per, there’s aimost always a
program or article about one

Of these topics.

However, apart from news
dealing with investments or |
the state of the economy, there
is litde public discussion about
personal finances, and people, *.
-both young and old, scem to
be reluctant to talk about how
we elders wil! manage our
money as we grow older.

I was pleasantly surprised,
therefore, to read an navticle by
Michael Kane in The
Vancouver Sun headed “The

> chaflenge for financial planners
is getting families to talk about
money.” He quotes Rhonda
Katz, 2 psychologist who
spoke to the Canadian *

Association of Financial
Planners recently about this
topic. She stated that families
need to talk together about
financial planning as we get
older. Although a 65-year-old
woman today can live to age
85, and a man to age 81, the
last few years of our lives are
often lived with a disability or
an illness.

Dr. Katz is working with
Trimark Investments on a pro-
gram called Talking About
Money, whose purpose is to
encourage adults to talk
frankly with their aging par-
ents about managing their
money as they get older.

Trimark has a booklet,

‘NOTARY PUBLIC

I will personally assist
you with:

Taking Care of Your Parents,
which gives tips on how fami-
lies can begin to talk together
about some of these sensitive
issues. For a free copy, call 1-
800-874-6275. It includes a
detailed chart, listing the range
of costs we can expect to face
if we need care at home or in a
nursing home during our last
few years of life.

Often an elderly person
may become il and need more
care than our friends or family
can give, even if we live in the
same home as a son or daugh-
ter. There is a range of services
available, from housekeeping,
help with bathing or medica-
tons, to 24-hour nursing care.
While most of us would prefer
to remain in our own homes,
we need to consider the costs
very carefully. Not many peo-
ple can afferd to pay for nurs-
ing care, but nursing homes
can also be expensive, and our
health-care system does not
usually cover all the costs. And

if we rely on our adult chil-
dren to help us, this may result
in stress for everyone con- ©
cerned.

For instance, StatsCanada -
has found that one in 10
adults who are caring for a
parent have to quit their job
because of the demands of
eldercare.

One way of introducing.
the topic of moncy to our

‘children is to prepare a list of

your financial documents and
contact people and give them
copies.

Such a list could include: ©
@ Social Insurance Number;

® Pealth care number; -
Driver's licence number,

Bi Bank account/location;
Safe deposit box and key; °

Hi Investment info, such. as *.
‘stock certificates, mutual fund _
Statements; os
& Income sources such as Pen- a
sions, annuities; < “

Household expenses, is ies

mortgage, utilities;

See Keep page 2s

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