Elder Care

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Solution
Nancy and Bill* are very concerned about how Alzheimer's is affecting their parents' emotional, physical and financial well being. The nursing home their father lives in is costly and is quickly using up their parents' assets.

Nancy and Bill are concerned that their parents' assets will be depleted within the next few years. Although they have agreed to share whatever future financial commitment may be required, they are concerned about the impact this will have on their personal financial situations.

Their Investment Advisor suggests that Nancy and Bill ensure their parents' estate plan is in order – making sure Powers of Attorney for both Property and Personal Care are in place, and that their Wills and beneficiary designations for insurance and any Registered Plans are up to date.

This leads to a discussion about what Nancy and Bill would want as they age and whether they will require long-term care. Their Investment Advisor recommends that they update their own retirement and estate plans, and offers to refer them to some appropriate resources for emotional support and guidance about caring for elderly parents.

The one thing they are sure of is that they do not want to deplete their retirement assets to fund the costs associated with their long-term care needs. Nancy and Bill decide to explore how long-term care protection can help to preserve their financial assets and also provide them with the freedom to make their long-term care decisions on their terms. Their Investment Advisor sets up a meeting with an Estate & Insurance Advisor to discuss options available to them now and in the future.

If you're faced with planning issues involving different generations, and want to ensure that you're aware of and addressing relevant investment concerns, contact a BMO Nesbitt Burns branch near you or complete our simple online request form to have an Investment Advisor contact you directly.

* Fictional characters. Any similarities between them and actual clients of BMO Nesbitt Burns Inc. are accidental.

**All insurance products and advice are offered through BMO Nesbitt Burns Financial Services Inc. by licensed life insurance agents, and, in Quebec, by financial security advisors.