Elderly Parents & Adult Children

Elderly Parents & Adult Children

Have a discussion with your adult children about pre-arranging funeral plans and costs. Decide to name your spouse as power of attorney for finances and your alternate can be your child.

Have a discussion about health care costs in the future and how you will pay for those. Update your will and discuss whether or not you will leave your children the estate in a trust.

Are your children in the highest tax bracket? This makes a difference and you should discuss this. Find out about a spousal trust in individual names—to ensure the inheritance does not impact eligibility to Old Age Security.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.