From The Editor: Planning for Long-Term Care

Q2 | July 2023

Laptop, notebook, Tablet and coffee on work desk

Topic: Wealth Planning, Living to 100

Brad Weber  CPA, CA, CFP, CIM

July 28, 2023

Image used with permission: iStock/PRImageFactory


Print & Share

Print

From The Editor: Planning for Long-Term Care

Q2 | July 2023

As part of our Living to 100 series, Nexus hosted a client event in June featuring guest speaker Karen Henderson, an expert in long-term care planning. The presentation provided insights into some of the realities of long-term health care in Canada as well as how to prepare for the future as we age.

A common question people ask when planning for retirement is “How will health care costs affect me?” For many people planning for or starting retirement, the questions about future health care costs can seem quite hypothetical in nature at first. While new retirees may currently be healthy, they are also aware that future health care could be an issue they will face. They might also have had some personal experience through a loved one, such as a parent, and have seen firsthand some of their challenges. But when starting to think about long-term health care, it’s important to try and consider the root causes of your concerns. Some of these worries can be attributed to the uncertainty that comes with simply thinking about the future. As much as we’d like to believe otherwise, no amount of planning or financial modelling can completely eliminate the fear of future uncertainty.

As Karen points out in her presentation, when people start to ask about health care planning, what lies beneath those initial questions is usually a belief along the lines of, “I should probably look into this, but I don’t know enough.” People start thinking about their future health care needs for many reasons. And Karen has identified an underlying core reason that relates to a desire to maintain our independence, which includes a desire to age with dignity and control. This is often reflected in the common wish to grow old at home, where we are most comfortable. A specific goal like this can form the basis of a plan, which can help evaluate if you have the financial resources to stay in your home while managing health care concerns.

There is great value in simply starting the health care conversations, as they play a critical role in addressing your concerns. Initiating these discussions with your family and your advisors enables you to articulate what you want to have happen and to prioritize your needs.  You want to do this before a crisis has occurred when you may no longer be able to have the conversation. The important part is starting, and then try narrowing in on the things you can control, as this will form the basis of any planning you do and the legal or financial work will accompany it.

If you could not attend the June event, a video of the presentation is available on our website under presentations, and I recommend you find time to view Karen’s presentation. To view more from our Living to 100 series, click here.

Also in this issue, we feature some key facts and tips on the Tax-Free Home Savings Account (FHSA), Alex Jemetz showcases the benefits of boutique firms, and Julie Crothers shares some Pearls of Wisdom.

More Like This...

See another CRM2 blog post that may be of interest to you.

CRM2: The Nexus Approach to our CRM2 Reports

Topic:
CRM2
Excerpt:
With changing securities regulations coming into effect, investment firms are now required to provide individual investors with specific additional in

More Like This...

See another Foundations & Endowments blog post that may be of interest to you.

Charitable Giving Made Easier

Topic:
Foundations & Endowments
Excerpt:
Giving to charities and supporting our community are important to us at Nexus. We donate a portion of our management fees back to the charities and

More Like This...

See another Human Interest blog post that may be of interest to you.

To Insure Promptitude

Topic:
Human Interest
Excerpt:
Historically, tips were a monetary translation of either “thank you” or “sorry”.

More Like This...

See another Inside Nexus blog post that may be of interest to you.

Understanding Pride: A Timeless Celebration

Topic:
Inside Nexus
Excerpt:
In today’s world, the concept of Pride has become a celebration embraced by people of all ages and backgrounds.

More Like This...

See another Investments blog post that may be of interest to you.

Snakes and Ladders

Topic:
Investments
Excerpt:
…. as the newest member of the Nexus investment team, I would like to introduce myself.

More Like This...

See another Pearls of Wisdom blog post that may be of interest to you.

The Joy of Doing Nothing Together!

Topic:
Pearls of Wisdom
Excerpt:
Life seems to be a never-ending balancing act, doesn't it?

More Like This...

See another Tax Planning blog post that may be of interest to you.

You May Have a Trust and Not Even Know It

Topic:
Tax Planning
Excerpt:
There is a significant change this tax season as additional reporting requirements have been introduced for trusts and bare trusts.

More Like This...

See another Wealth Planning blog post that may be of interest to you.

The Case for An Annual Family Roundtable

Topic:
Wealth Planning
Excerpt:
Not long after I joined Nexus, Bill Berghuis imparted some good advice that has stuck with me

On a Side Note…

See another CRM2 Nexus Notes Quarterly article that may be of interest to you.

No posts found.

On a Side Note…

See another Foundations & Endowments Nexus Notes Quarterly article that may be of interest to you.

Charitable Giving Made Easier

Topic:
Foundations & Endowments
Excerpt:
Giving to charities and supporting our community are important to us at Nexus. We donate a portion of our management fees back to the charities and

On a Side Note…

See another Human Interest Nexus Notes Quarterly article that may be of interest to you.

Worth a Thousand Words… J24

Topic:
Human Interest
Excerpt:
A little humour makes the world a better place.

On a Side Note…

See another Inside Nexus Nexus Notes Quarterly article that may be of interest to you.

Understanding Pride: A Timeless Celebration

Topic:
Inside Nexus
Excerpt:
In today’s world, the concept of Pride has become a celebration embraced by people of all ages and backgrounds.

On a Side Note…

See another Investments Nexus Notes Quarterly article that may be of interest to you.

Snakes and Ladders

Topic:
Investments
Excerpt:
…. as the newest member of the Nexus investment team, I would like to introduce myself.

On a Side Note…

See another Pearls of Wisdom Nexus Notes Quarterly article that may be of interest to you.

Pearls of Wisdom

Topic:
Pearls of Wisdom
Excerpt:
Reading is one of the principal occupations in our profession..

On a Side Note…

See another Tax Planning Nexus Notes Quarterly article that may be of interest to you.

You May Have a Trust and Not Even Know It

Topic:
Tax Planning
Excerpt:
There is a significant change this tax season as additional reporting requirements have been introduced for trusts and bare trusts.

On a Side Note…

See another Wealth Planning Nexus Notes Quarterly article that may be of interest to you.

The Case for An Annual Family Roundtable

Topic:
Wealth Planning
Excerpt:
Not long after I joined Nexus, Bill Berghuis imparted some good advice that has stuck with me