Aging challenges

Richardson Wealth clients and retired Vancouverites, Henry and Priscilla (not their real names) are in their 80s. None of their four adult children live nearby and their main asset is their beloved home. They have investments, bank accounts and Henry’s historic map and atlas collection.

While Henry is in good health, Priscilla has dementia which is worsening and her overall health is failing. Henry wants to stay in their home to minimize disruptions to Priscilla but he is being pressured by his concerned children to downsize. Priscilla’s illness has exacerbated family tensions and the children do not see eye to eye with each other. 

Meeting and discussion

Richardson Wealth Investment Advisor invited Henry to meet with a member of the firm’s tax and estate planning team for an estate consultation.

In the meeting, with “what if” scenarios in relation to will planning, they uncovered Henry’s biggest fear of predeceasing Priscilla and discussed the:

  • ability, suitability and availability of his named executors – Priscilla and two of the children as alternates
  • the benefits of naming a corporate or non-family member as executor
  • valuation and gifting Henry’s map and atlas collection
  • Henry’s ability to provide ongoing care of Priscilla
  • cash outflows for house maintenance and possible facility care for Priscilla and cash inflows from investments

The solution

With insight and information from his Advisor and Richardson Wealth estate specialists, Henry developed a plan with options for the next phase of Priscilla’s care and his long-term future. Henry and Priscilla would stay in their home with help from homecare.

First step was to contact his lawyer to update his Will and Power of Attorney to reflect his new plan. He invested funds with his Advisor to earn a cash flow to offset expenses with access to the principal invested as needed.

Additionally, with help from his advisory team at Richardson Wealth, he called a family meeting to discuss what he had decided and to ensure all immediate family was onside with the plan.

Aging parents and adult children

Same team, different perspectives. Aging parents and adult children can have very different views on the best options for downsizing and care arrangements. We discuss common issues to help families navigate some of the challenges.

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Lifestyle, longevity and liquidity

To have a fulfilling and happy retirement, you’ll need to plan to ensure your funds are sufficient to maintain the lifestyle you want. Our team can help you put the pieces in place.

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