Family Discussions – Are you concerned with your end-of-life care?

The family dynamics for retirees has changed. Once we cared for our kids, now the “sandwich generation” is looking after adult children, grandchildren as well as their own parents. Supporting children and parents not to mention themselves might well alter retirement plans for such people because of the often large costs involved in taking care of multiple generations.

This is why whatever stage in life you are currently in you need to prepare for the inevitable that being death. Death and taxes are the only two certainties in life.
While seniors are coherent, along with their families and for all adults and their families, it is important to have families gather together to discuss Wills, Powers of Attorneys and Executorships.

This is the time to share your personal wishes, personal care and vision on how your legacy will continue.

This is your time to decide on who would best serve in these positions taking into account, their knowledge, experience, current family responsibilities, location and their age. For seniors, in most cases, it should be someone younger.

Who will be your Executor, will they be compensated and do they understand their duties or roles?

If they are not clear, they will need to get advice, since as an executor they are liable for any loss through negligence or mistakes, even in good faith.

Examples of loss include: selling property at below market value; accidentally selling valuable items at garage sales; giving expensive household goods to charity.

To avoid potential liability, there is a new product to protect executors and this can be purchased and charged as part of the Executor’s fees before you administer the estate. Estates can take two to three years to be wrapped up.

This is an extremely important time to have an experienced accountant to file tax return and help an executor avoid errors and mistakes.
There is a huge need for advice on how to effectively use various kinds of financial assets, including equities, fixed-income, insurance products and pensions to create a cohesive retirement plan.

Family Discussions – Worried about your end-of-life care?