As boomers age, more Canadians will become caregivers in the coming years.SolStock/iStockPhoto / Getty Images
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By 2030, the oldest boomers will turn 85, while the oldest members of the Generation X and millennial cohorts will be 65 and 50, respectively. These older demographics mean more caregivers to aging parents will be needed, says Laura Tamblyn Watts, president and chief executive officer of CanAge, a national advocacy organization for seniors. But as people get older, it can be difficult for families to discuss strategies for seniors to age in place and manage estates.
Ms. Tamblyn Watts, the author of Let’s Talk About Aging Parents, spoke with Globe Advisor reporter Deanne Gage in a LinkedIn Live webinar about icebreakers for these important discussions and how advisors can help.
How do you start a conversation with aging parents that doesn’t lead to them shutting the door on the topic immediately?
[Aging] parents who are very independent don’t necessarily want you interfering in every part of their lives. I would start by asking for their advice. Say, ‘I’m going to redo my wills and powers of attorney. I would love your thoughts on that.’ The other way to start is to ask them about their friends. They’re quite happy to tell you about what’s happening to Mr. Lee or Mrs. Smith. And through that, you can usually get information about what they’re afraid of.
How do you handle family dynamics when you have, let’s say, three siblings who all have different viewpoints?
Those power dynamics you had when you were a kid are probably still there. You’re going to have to acknowledge them and find ways around them. Let’s get rid of that idea of the idealized family. If there’s an older sibling who never launched and is living in the parents’ basement, for example, that’s normal. But that sibling is there. There’s somebody whom the other siblings can call. Maybe the sibling drives mom to her doctor’s appointments or watches Jeopardy with her. There’s value in that. So, when you’re thinking about how to help your aging parents, try to think about people’s strengths.
What role can advisors play with families trying to navigate these difficult discussions with aging parents?
Families appreciate someone who can be a helpful, middle-ground person. Advisors can go through a series of what-ifs. I suggest they start by talking about the trusted contact person document. If they can’t get a hold of the client, who do they contact in case of an emergency? Starting there then branches easily into other planning.
What are advisors missing when it comes to advising families on aging parent issues?
It’s helpful if they get familiar with community-based social services. By that, I mean not-for-profit organizations or programs such as Better at Home through the United Way. Some services can provide families with things for free or at a very low cost.
– Deanne Gage, Globe Advisor reporter
This interview has been edited and condensed.
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On the surface, the first half of 2024 has been strong for the markets, with many world stock indexes trading around record highs. But if you look a little closer, it’s clear that a small group of tech stocks are powering the market. Should investors be worried? “The combination of such fast growth and share price appreciation has led investors to ride the momentum of these stocks while ignoring just about everything else,” says Lorne Steinberg, president of Lorne Steinberg Wealth Management in Montreal. Terry Cain reports.
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– Globe Advisor Staff