@Real_EstateInfo Hilarious, but so very wise!
iNice: The Aging App
Help Improve the Experience of Aging
by Christine Stoesser
If you’ve visited the ROM lately, you may have seen the ’House Calls with my Camera: Social Documentary Portraits by Dr. Mark Nowaczynski’, a photography exhibition that has been promoting awareness of the plight of the vulnerable elderly population.
The displayed photographs of Dr. Nowaczynski were taken while making house calls to his own patients—John L., Barbara B., Joseph L. and Joyce A. The photographs are as human as they are haunting, for every human ages but no one hopes to grow old like this. The images may shock some audiences, for their subjects are lonesome and their quality of life unacceptable.
One subject, John L., a 75 year-old Korean War veteran, was living alone in squalor and suffering from post-traumatic stress, dementia and heart disease. Joyce A. was alone, not eating, suffering many illnesses and unable to pay her bills—if her neighbour hadn’t noticed, who knows how her last days might have played out.
“If we didn’t go to these individuals, they wouldn’t get any health care because they can’t come to us. They would fall through the cracks. These are hidden worlds, people who cease to exist who have no voice. One day this will be you and I. You are not looking at an exotic species in another world – you are looking at your future,” said Dr. Mark Nowaczynski.
His photographs represent a problem that is only beginning to be addressed.
On May 19, 2011, the ’ National Initiative for the Care of the Elderly (NICE)’ is holding a Knowledge Exchange at Hart House at University of Toronto. The featured topics are not the easiest to swallow: elder abuse and senior suicides.
These information-sharing sessions will also address dementia, financial literacy and end-of-life issues. It also marks the launching of ‘The Aging Application’. The first of its kind, the online social platform has been designed to streamline geriatric care by providing 24/7 access to leading experts, knowledge and care management solutions. The event features Dr. Carole Estabrooks as keynote speaker on the importance sharing knowledge on this topic at a global level, and Dr. Marnin Heisel, a leading expert in suicide statistics among the elderly, will talk about prevention and awareness.
Dr. Lynn McDonald, founder and scientific director of NICE and recipient of the Governor General’s Golden Jubilee Medal, says, “Enhancing and supporting networking and collaboration, as well as putting reputable research into practice, are essential in adapting to the unprecedented global aging trend, particularly with baby boomers now starting to reach 65.”
NICE’s work in providing reliable aging information is at the forefront of a shift in the geriatrics community—in the last 18 months NICE has responded to over 300,000 requests for their invaluable information on managing aging issues like poverty, depression and the quality of life and death in a nursing home.
You can help:
• Learn about and Register for the Knowledge Exchange Online at: http://www.niceke.ca/ or call 416-978-0545
• Follow the Event on Facebook: http://www.facebook.com/pages/National-Initiative-for-the-Care-of-the-Elderly-NICE/276356887489
• Follow the Event on Twitter: www.twitter.com/Nicenetca
by Editor
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Money & Divorce
Protecting your Finances while Dealing with Divorce
by Eva Sachs
Navigating the emotional and financial minefield of divorce is one of the toughest things you’ll ever do.
Here’s a somewhat disheartening and sobering fact: the divorce rate in Canada has doubled from that of the early 70s. While the legalities of getting a divorce may have become somewhat easier in the past 30 years, the financial ramifications remain the most intimidating and potentially devastating aspect of ending a significant life partnership.
It’s important to realize that divorce is the breakup of an economic unit, as well as a family unit. Divorce should be approached as the dissolution of a financial partnership, with each party attempting to remove the emotions from the process in order to develop a workable plan for each.
Developing comprehensive insight into short-and long-term financial effects of divorce can save valuable time, money and distress, especially if the process is conducted early in the legal proceedings. Many separating couples seek individual legal assistance before assessing their financial situation. While lawyers serve a crucial role as individual legal advocates, they are not necessarily there to explain financial consequences in detail.
Here are a few key financial elements to be aware of when going through a divorce:
Gather all financial and property records
Obtain records of all bank, and brokerage accounts, insurance policies, retirement plans, tax returns, and other financial data. Develop a comprehensive list of all your property and assets, including furnishings, art objects, jewelry, and investments. Compiling these records is a good first step in any agreement regarding division of assets.
Think through what the divorce will really cost you
Think what divorce will cost you in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.
Start saving
No matter how cash-poor you are you must begin savings. If you don’t start, you’ll never regain your financial footing. Prepare a budget or cash flow analysis even if you’ve never done one before. Your new financial circumstances should be analyzed. Prepare or at least review your budget with a financial planner may be a better approach. Independent review is vital to avoid “fooling yourself” with overly optimistic assumptions.
Tax matters
Be aware of all tax liabilities and benefits. The monthly distribution of the financial settlement will change individual tax burdens based on the amount of Spousal Support (taxable income to the recipient and tax deductible to the payor) vs. Child Support (tax neutral for both payor and recipient).
Protect your assets now
Act quickly to protect your assets. Alert your, bank, brokerage firm, or mutual fund broker of the situation. They may agree not to make transactions on joint accounts without your approval. Immediately establish credit in your own name if you don’t already have it. Revise your estate plan, power of attorney, and beneficiary designations.
Legal fees
Keep the lid on legal fees. Don’t use your lawyer to get back at your ex. A divorce these days is really an economic issue. Most people cannot afford to pay for vengeance. Understand that the meter is running every time you call your lawyer. Don’t waste your time venting emotional issues or sharing the latest outrage.
Housing budget
Set a realistic housing budget. Don’t let emotion cloud your judgment about keeping the family home. Set a realistic budget that takes into account your mortgage, property taxes, and maintenance. Divorcing women often pass up their ex’s pension in favor of the house—even though the pension may be worth far more in the future.
Work with an expert
Misinformation and misconceptions about the divorce process can be detrimental. Many people have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis helps to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process. With proper planning and expert help from financial professionals specializing in divorce, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs.
See our What’s Happening calendar for details of a Toronto event all about this topic.
Eva Sachs , B.Comm. Certified Divorce Financial Analyst, Certified Financial Planner, is the founder of Women in Divorce Financial. www.womenindivorce.ca
As a Certified Divorce Financial Analyst (CDFA™), has her CFP™ designation. She is a member of the Institute for Divorce Financial Analysts and is on the board of Collaborative Practice Toronto. She can be reached at esachs@womenindivorce.ca
by Editor
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