Financial Matters
Careful financial planning is essential and should begin soon after diagnosis. Sound planning involves a number of steps, including consultation with one or more experts in various areas. First, a realistic assessment of the total financial picture should be developed. To calculate what funds are currently available and will be available in the future, you and your family/friends need to collect and study these possible sources:

• Bank statements for all bank accounts (including chequing and savings accounts)
• Stocks, bonds, mutual funds and other securities certificates
• Real estate deeds
• Insurance policies
• Registered Retirement Savings Plans and other retirement benefits information

A financial planner should ensure that this information is current and accurate. If applicable, information also needs to be collected for the following:

• Brokerage accounts
• Private disability benefits
• Credit card statements
• Bank mortgages
• Private and work-related health insurance benefits and policies (e.g., life, home and auto insurance)
• Provincial health insurance benefits (e.g., OHIP coverage in Ontario)

There are also government programs that will help pay some expenses. The appropriate federal and provincial agencies can be contacted to find out more about the following:

• Provincial Health Insurance Plans
• Old Age Security
• Canada Pension Plans
• Other Social Services

Create a list of anticipated expenses. Some of these may be partially covered by provincial health/government insurance plans and/or private insurance plans. Others will need to be paid from income, savings, and investments. It is possible to get a general idea of what these items will cost by talking with professionals and peers who have experience with AD. A list of expenses may include the following:

• Medical treatments
• Prescription drugs
• Over-the-counter medications
• Medical appliances (e.g., wheelchairs)
• Disposable supplies (e.g., adult diapers)
• Home care services (e.g., visiting nurses)
• Adult day care
• Assisted living arrangements
• Housing modifications or renovations (e.g., ramps, grab bars)
• Daily living expenses (e.g., food, transportation)

Use this accumulated information about income and expenses to create short- and long-term financial plans. To learn more, visit the Alzheimer Society of Canada website.

Getting Financial Advice
You do not have to do any of this planning alone. It makes good sense to engage qualified professionals who are not emotionally involved and who have specific expertise in managing the finances of those with AD. Choose one of the following, or assemble a team of advisors you respect and trust:

• A certified financial planner/consultant
• A lawyer (such as an estate planning lawyer)
• A bank manager
• A certified tax accountant

Additional Resources
Your local, provincial or national office of the Alzheimer Society of Canada offers the following publications:

• Just for You: The Future. This booklet is written especially for the person with Alzheimer Disease. It provides basic information about what you might be experiencing and offers suggestions on how to make life easier. The entire booklet is available on-line at www.alzheimer.ca
• For a complete list of available publications, visit the Alzheimer Society of Canada

Other organizations that can assist with financial issues include the following:

Ministry of Community and Social Services 1-800-267-5111

Old Age Security and Canada Pension Plan 1-800-277-9914

Canadian Tax Foundation 416-599-0283

Caregiver Network http://www.caregiver.on.ca

Toronto Social Housing Connections 416-392-6111

Ontario Health Insurance Plan (OHIP) 1-800-268-1154 or 416-314-7444

Legal planning
During the earliest stage of this disease, most people with Alzheimer’s are able to make rational decisions. Because this ability diminishes significantly as AD progresses, creating valid legal documents while competency still exists should be a top priority. These legal documents (listed below) authorize you or someone else to make essential decisions as follows:

• A power of attorney grants someone, generally a trusted family member or a friend, the right to make decisions for the person with Alzheimer Disease. The authority granted to the attorney may be broad such as managing all financial and legal affairs, or limited to such things as handling the bank accounts of the person with Alzheimer Disease. In a number of provinces in Canada, a continuing or durable power of attorney allows the attorney to make decisions for the person with Alzheimer Disease, even after they have become mentally incapable. In British Columbia, these are known as Representation Agreements.
• In several Canadian provinces, it is possible to have a power of attorney which specifically deals with medical and healthcare matters. This type of power of attorney grants someone the right to make healthcare decisions for the person with Alzheimer Disease when the person is no longer capable of making those decisions for himself or herself. In Ontario, these are known as Powers of Attorney for Personal Care. Whoever has such a power of attorney is able to hire and fire healthcare providers, sign consent forms and either choose or decline medical treatments.
• A living will outlines what exactly the person with Alzheimer Disease does and does not want in terms of medical care, when he or she is not capable of making his or her own medical decisions. A living will can specify, for example, whether life support systems are used and in which circumstances a “do not resuscitate” (DNR) order goes into effect. At present, not all provinces in Canada recognize the validity of this type of will, so it is important to check whether your own province permits the use of living wills. In some provinces, such as Ontario, these directions may be included in a form of power of attorney governing the personal care of the person with Alzheimer Disease.
• A last will and testament is a legal document that outlines the financial and other wishes of the deceased person. An executor handles all remaining legal and financial details after the person with AD dies. Anyone who receives anything from the estate is known as a beneficiary.

Your local, provincial and national offices of the Alzheimer Society of Canada provide information on legal and financial planning.

Other organizations that offer resources on legal planning include the following:

Office of the Public Guardian and Trustee 1-800-366-0335

Legal Line (Senior’s Law) 416-929-8400

Canadian Bar Association – National Health Law Section 1-800-267-8860

Canadian Association for Retired Persons (CARP) www.fifty-plus.net (specifically for people over 50 years old)