Welcome readers from Thicken My Wallet!
Jonathan Chevreau of the Wealthy Boomer has been publishing “Tweets” lately about senior’s issues and elder care. His thoughts reminded me of a concept I learned about some time ago about how children can be compelled to pay support to their aging parents.
Most provinces in Canada have laws on the books providing for parental support. This means that if your parents financially supported you when you were young, you may be liable to pay support to your parents in their old age … to the extent you are able.
If You Support Your Parents
If you are already supporting your elderly parents, you should make sure your will takes their needs into account. If you were to pass away today, would your parents be able to live without your support?
In some provinces, your parents may be able to take your estate to court and claim parental support from your estate if they were relying on you for support and you did not leave them enough.
What Should You Do?
- Speak candidly and openly with your parents about their financial stability and how they plan for their retirement.
- Do you foresee your parents entering a long-term care facility or requiring medical or home care costs? If so, you might suggest they acquire coverage now and consider paying their premiums if they are unable.
- If you support your parents, consider modifying your will.
And finally, get advice from a professional. Professional advice from a financial planner, accountant, and estate lawyer can reduce future issues.
Share Your Thoughts
Are you in this situation now or expect to be in the future. Have to spoken with your parents?