Diminished cognitive ability can have a serious effect on one’s net worth, affecting investments, financial securities, real estate and other holdings
A financial advisor can build an estate plan to protect and guide the distribution of personal assets while reducing tax liabilities. But in the absence of such a plan, provincial law and probate courts determine how, where, and to whom these assets are distributed. Canadians work hard for their wealth – their wishes should not be left to chance.
Dementia, as a progressive condition, typically begins with small neurological changes that develop gradually over time. At its first indicator, there are proactive steps people can take to plan for their future with clarity.An advisor can help simplify portfolios by selling more complex investments, consolidating assets, or starting to make more conservative decisions. But one size seldom fits all when it comes to financial planning.
That’s why it’s important older Canadians work with an advisor to seek out personalized advice that synchronizes all aspects of their estate into one comprehensive plan. Finalizing legal documents, designating a power of attorney, creating or updating a will, setting up trusts and assigning beneficiaries are all crucial components of an estate plan that can help provide financial security to those affected by dementia.From a tax planning perspective, there are several options to help manage the financial effects of this condition.
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