Grey-Bruce Boomers Spring 2023

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FINANCE Dealing with DEMENTIA GETTING FINANCES ORGANIZED IS IMPORTANT BY CHRISTY KELLY Dementia has affected several families, including my own, as I have a close family member navigating the effects of the disease. The daily worries impact the entire family as all live with the challenges of the dementia journey. I’ve learned to cope by journalling and finding humour within the daily misadventures. More than 500,000 Canadians are living with dementia, a number projected to double in less than 10 years. The impact doesn’t stop there, because one-in-five Canadians have experience caring for someone with dementia. The seniors, parents and grandparents of our communities often face unique financial challenges that come with age. For those facing the journey with dementia, the need for advice has never been greater. If you are concerned about what to do if you or a loved one is starting to experience memory loss or a decline in decision-making capacity, below are a few suggestions. Act quickly, and act early. In most cases, individuals experience a gradual decline in their decision-making capacity over an extended period of time. If you are starting to struggle with some of the decisions you are being asked to make, reach 28 • GREYBRUCEBOOMERS.COM
y Christy Kelly FINANCE out for help from trusted sources. Communicate with your doctor, financial advisors and family members about the challenges you are experiencing so that you can get the type of help you need. It’s important for those in your close circle to understand that you are starting to struggle, so they know you may need more assistance with the more complex decisions in your life. It will also alert them to be on the lookout for financial abuse, as individuals who suffer from dementia are more likely to be the victim of scams. Communicate your limits and your abilities. Decision-making capacity is very timeand situation-specific. Although you may no longer have the ability to make complex decisions, you may still have capacity to make simple decisions. Tell your advisors and doctors which decisions you are struggling with, and when you need help. Understand that simply asking for help in some circumstances does not mean that you will not be able to make any decisions on your own. Review your overall financial plan. Speak to your financial planner to ensure your plan is up to date. Explain that you are having difficulty making complex decisions. Your advisor may recommend moving to a more conservative portfolio or consolidating your investments, so you have fewer accounts or different types of property to worry about (for example, businesses or real estate). Your consultant can help you to find ways to simplify your investments and help you manage your assets for as long as you are capable of doing so. Maximize the use of available tax credits. As your condition progresses, you may be able to claim various tax credits, including the disability tax credit, the medical expense tax credit, and the caregiver tax credit. Speak to a tax accountant or your consultant about which credits you may qualify for, and what you need to do in order to be eligible to claim them on your tax return. Consider whether your wishes are properly documented. Ensure your estate plan is up to date. In the early stages, you may still have capacity to sign documents like a will, power of attorney or protection mandate (in Quebec), but that may no longer be the case as time goes on. Speak to a wellqualified estates lawyer (preferably someone who has their Trusts and Estate Practitioner designation) about how to best protect yourself in the event you suffer a serious decline in your decision-making capacity. Although it is always important to have these documents in place, the issue will become even more acute as your mental capacity starts to decline. If you do not know any estates lawyers, speak to your financial consultant to see if they can provide you with a referral, as they often work with professionals who have that type of expertise. Build a network to provide you with support. Reach out to associations like the Alzheimer Society of Canada for support. These groups have extensive experience in supporting individuals through various challenges and can help you to prepare for what may come next. Knowing that you’re not alone can help to bring peace of mind. The onset of dementia can be a difficult experience, but you don’t have to go through it alone. Reach out to your network and confide in your close advisors to get the support you need to live your life to the fullest. Christy Kelly, CPA, CA, CFP®, RRC®, MFA-P, is a Certified Financial Planner® with Investors Group Financial Services Inc. This article was written and published by IG Wealth Management as a general source of information only. Not intended as a solicitation to buy or sell specific investment, or to provide tax, legal, or investment advice. IG Wealth Management is a proud sponsor of the Alzheimer’s walk, and as part of that, we want to support Canadians who are dealing with dementia, or may have a family member dealing with dementia. Contact Christy at Christy.Kelly@IG.ca or visit her website at ChristyKelly.ca. SPRING <strong>2023</strong> • 29
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Grey-Bruce Boomers Spring 2023

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