Оглавление
Lise Andreana. Financial Care for Your Aging Parent
FINANCIAL CARE FOR YOUR AGING PARENT
Introduction
Chapter 1. Preparing to Be a Caregiver
1. The Different Stages of the Elderly
2. Why Do We Fear Aging?
3. How Do You Know Your Loved One Needs Help?
4. Are You Ready to Be a Caregiver?
Worksheet 1: Determine Your Readiness to be a Caregiver
5. The Seven-Step Action Plan for Caregivers
6. Benefits and Tax Supports Available to Caregivers
7. Caregiving Will Change Your Life
Chapter 2. Taking Care of Yourself First: Preparing for Your Own Retirement
1. Is It Time for You to Retire?
1.1 Tips for 50-year olds
1.1a Tip 1: Paying down debt
1.1b Tip 2: Start saving
1.1c Tip 3: Protect your family
1.1d Tip 4: Spend money!
1.2 Tips for 60-year olds
1.2a Tip 1: Tax planning
1.2b Tip 2: Tax credits
1.2c Tip 3: Income splitting
1.2d Tip 4: Travel
Worksheet 2: Retirement Readiness
2. Five Retirement Lifestyle Budgets
2.1 Conservative
Sample 1: Conservative Lifestyle Budget
2.2 Comfortable
Sample 2: Comfortable Lifestyle Budget
2.3 Above average
Sample 3: Above-Average Lifestyle Budget
2.4 Luxury
Sample 4: Luxury Lifestyle Budget
2.5 Prestige
Sample 5: Prestige Lifestyle Budget
Chapter 3. Asking Your Parents the Right Questions
1. The Five Myths of Aging
2. Opening the Conversation with Your Loved One
Sample 6: The Care Years Continuum
Worksheet 3: Questions to Ask Your Parents
2.1 Advantages of having the money talk with your parents
2.1a To gain clarity
2.1b To be prepared
2.1c To save money
2.1d To get the appropriate level of care for each life stage
3. Discussing Important Documents with Your Loved One
3.1 Power of attorney for personal care
3.2 Power of attorney for property
3.2a Tips for making decisions as a power of attorney
3.2b What you can do when you’re not appointed power of attorney
3.3 Will
3.4 Living will
3.5 Advance directive
4. The Five Wishes
Worksheet 4: Five Wishes
5. Organize
Chapter 4. A Financial Plan for Your Parents
1. Step 1: Establish Goals
2. Step 2: Gather Information
Worksheet 5: Financial Planning Preparation
2.1 Net worth statement
Sample 7: Net Worth Statement
2.2 Cash flow statement
Sample 8: Cash Flow Statment
2.3 Budgeting
2.4 Look at your parents’ investments
3. Step 3: Review Possible Strategies
Worksheet 6: Reviewing Documents: Consider, Investigate, and Act
4. Step 4: Create the Action Plan
5. Step 5: Monitor, Review, and Update the Action Plan Regularly
Worksheet 7: Out-of-Pocket Expense Tracker
Chapter 5. Maximizing Every Dollar
1. Budget Tips for Seniors
1.1 Seniors’ discounts
1.2 Coverage and programs for seniors
1.3 Government pensions
1.4 Canadian tax credits for seniors
1.4a Canadian actual income versus taxable income
Sample 9: Tax Impact
2. Joint Property and Accounts
Chapter 6. Debt and the Elderly
1. Reverse Mortgages
2. Real Estate Ownership
3. Leveraged Investments
4. Taking Action
Worksheet 8: Gathering Debt Information
5. Protecting Your Parents from Fraud and Financial Abuse
Chapter 7. Investing Your Parents’ Savings
1. Control
1.1 What is in your control?
2. Risk
Sample 10: Investment Products
3. The Rule of 100
4. Products Suitable for Retirees
4.1 Guaranteed Investment Certificates (GIC)
4.2 Bonds
4.3 Life annuities
4.4 Mutual funds
4.5 Segregated funds
4.6 Variable annuities
4.7 Dividends
4.8 Exchange traded funds (ETFs)
5. Sample Portfolios
5.1 Pre-retiree’s portfolio
5.2 Early retiree’s portfolio
5.3 Late retiree’s portfolio
Chapter 8. Insurance for Seniors
1. Reasons to Purchase Life Insurance
1.1 Expenses
1.2 Cash flow and estate preservation
Sample 11: Comparison of an After-Tax Income of a Back-to-Back Annuity and Life Insurance Policy
1.3 Pension maximization
1.4 Estate planning
1.5 Charitable bequest
1.6 The family cottage and balancing bequeathed assets
2. Types of Insurance
2.1 Term life insurance
2.2 Permanent insurance
2.3 Long-term care insurance
2.4 Critical illness insurance
Chapter 9. Helping Aging Parents Transition to a Life of Increased Dependence
1. When Is It Time to Get Help?
1.1 Signs your parents need help
1.2 I’m not ready yet
Worksheet 9: Building Your Parent’s Self-Awareness That They Need Help
2. Preparing for the Move
2.1 Choose wisely to reduce stress
2.2 Reduce furniture
2.3 Think about storage
2.4 Consider safety and convenience
2.5 Prepare to say goodbye to many things
2.6 Show respect for your parent’s opinions and feelings
2.7 Have valuables appraised
3. Moving to a Smaller Home
3.1 Granny suites
4. United States Subsidized Housing for Seniors
5. Canadian Rent Geared to Income
6. Home Care
7. Retirement Residences
8. Long-Term Care Facilities
Worksheet 10: Living at Home versus Retirement Residence
9. Palliative Care
10. Do Your Homework
Worksheet 11: Comparing Retirement Homes
Chapter 10. Selling the Family Home
1. Step 1: Prepare
2. Step 2: Select a Realtor
Worksheet 12: Questions to Ask a Realtor
Chapter 11. Succeed with Good Advice
1. Accountant
2. Lawyer
3. Financial Planner
3.1 The benefits of working with a financial planner
Worksheet 13: What Type of Advisors Does Your Parent Need?
4. Choosing Your Team of Advisors
Worksheet 14: Questions to Ask Your Advisors
5. Regular Checkups
Worksheet 15: Annual Meeting Questions for the Advisor
Conclusion
Download Kit
Dedication
About the Author
Notice to Readers
Self-Counsel Press thanks you for purchasing this ebook
Contents
