106 Planning for Elder Care

This podcast episode is about the financial challenges and considerations of caring for elderly people. The hosts, Josh and Colin, are portfolio managers who share some statistics, options, and advice on how to plan for elder care, both as a potential caregiver and as a potential recipient. They discuss the costs and benefits of different types of care, such as public, private, and in-home care, as well as the importance of communication, simplicity, and flexibility. They also talk about some tax credits and government programs that can help with elder care expenses.Josh and Colin discuss the challenges and considerations of caring for elderly people and how that affects the financial situation of both the caregivers and the care recipients. 0:16They share some statistics and trends of the aging population in Canada and the implications for the demand and supply of elder care services. 1:20They explore the different options and costs of assisted living, from public to private facilities, and the importance of being aware of the resources and programs available in the community. 12:16They talk about the benefits of simplifying and communicating the estate planning and financial wishes of the elders and the potential tax credits and incentives that can help reduce the burden. 8:45They highlight the role of a financial advisor in facilitating and moderating the conversations between the generations and providing guidance on the best strategies for each situation. 16:42They also share some personal stories and experiences of dealing with elder care and estate planning in their own families. 4:18, 6:51, 15:40They give some tips and advice on how to plan ahead and adjust accordingly for the various scenarios and outcomes that may arise in the future. 5:47, 11:14, 12:58, 25:13Care options, choosing the best plan for you and the person you care for (Gov’t of Canada)https://www.canada.ca/en/employment-social-development/corporate/seniors/forum/care-options.htmlBenefit finder (Gov’t of Canada)https://srv138.services.gc.ca/daf/q?id=d2e80a19-2881-4f00-bb3c-82ccb647daa6&goctemplateculture=en-ca