Having all your loved one’s financial planning and future healthcare decisions recorded, with legal documents in place, helps alleviate stress in the future for you, all family members, and your loved one.
7 Warning Signs that elderly parents need help with finances. It’s important to be aware of the warning signs that your elderly parents need help with finances before things spiral out of control. Read More…
Healthcare includes making decisions on short and long-term health care.
Your loved one appoints a Power of Attorney (POA), who has the authority to implement the wishes stated in all of their legal documents and to make decisions on their behalf if they are unable.
All decisions are best made by the person whose estate it is, as they know their own wishes the best, and who they would like involved to help implement them.
If legal documents haven’t already been prepared, begin now. The sooner the process is started the better the chances are of the individual with Dementia or Alzheimer’s participating in a constructive way, making their own decisions about their long-term healthcare and financial affairs. It is also much easier for everyone involved, and avoids having family members have to make some difficult decisions about their loved one in the future.
This is an area that is often postponed, sometimes indefinitely, yet it is one of the most important areas to have securely in place so there is no question as to how to proceed with their future healthcare and finances, in the event that your loved one is no longer able to express his/her own wishes.
You can hire an estate lawyer to assist you with the process and formalize it in a legal document. As an option, many legal documents are available on-line and can be downloaded. We have included some of these links.
As a caregiver, you may be eligible to receive a tax credit. Canada Caregiver Credit