casa & ccel webinar series aging and the law: what every professional needs to know 10. you own...
TRANSCRIPT
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CASA & CCEL webinar series
Aging and The Law: What Every Professional Needs To Know
10. YOU OWN ARRANGEMENTS – TAKING CARE OF BUSINESS – PRACTICING TO A HIGHER STANDARD…
WHY YOU HAVE TO!
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Today
1. WHAT?
2. SO WHAT?
3. NOW WHAT?
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1. WHAT
The “Greying” of the
professions
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Demography
Current seniors
Baby boom coming now!
Planning notin place in most fields
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Older Canadians’ values
Are these yours?
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2. SO WHAT?
• FEWER PROFESSIONALS TO HELP
• RURAL CLOSURES
• HIGH RISK TO PUBLIC
• HIGH RISK TO PRACTITIONERS
• HIGH RISK TO REMAINING OFFICE
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Hanging up the robes
• When?
• How?
• Who can help?
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Portrait of a Senior Professional
• 71 years old
• Active practice (48yrs)
• 2 person practice
• Grandkids
• Tried to retire once
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Portrait of a Senior Professional
• Mid 60s…
• Rural practice
• Sole practitioner
• Wants to “stay involved” with the profession - has dedicated her life to seniors and professional issues
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Portrait of a Senior Professional
• Mid-50s
• Caregiving for aging parents
• Wants to be semi-retired
• Worried about $$$
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No matter how great and destructive your problems
may seem now, remember you’ve probably only seen the tip of them...
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STEPS FORWARD
3. NOW WHAT?
WHERE DO WE GO FROM HERE?
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NEED TO CONSIDER
• TRUST ACCOUNTS
• SUCCESSION PLANNING
• POWERS OF ATTORNEY
• ADVANCE HEALTH CARE PLANNING
• WILLS
• RECIPROCAL ARRANGEMENTS
• INSURANCE (Types / Location)
• DOCUMENT STORAGE & REMOVAL
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Trust Accounts
Trust Accounts
• If you are a trustee, is there a ‘backup’ appointed?
• Do your clients know this person?
• Does the financial institution know?
• If you are a trustee, is there a ‘backup’ appointed?
• Do your clients know this person?
• Does the financial institution know?
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Succession Planning
Succession Planning
• Have you created your ‘replacement’?
• Is all the information / goodwill in ‘one set’ of hands?
• Who will carry on?
• Grow your own successor…
• Have you created your ‘replacement’?
• Is all the information / goodwill in ‘one set’ of hands?
• Who will carry on?
• Grow your own successor…
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Powers of AttorneyPowers of Attorney
• As a professional – need to appoint an attorney (finance) who can manage business interests
• May need a personal and a business Enduring / Continuing POA
• As a professional – need to appoint an attorney (finance) who can manage business interests
• May need a personal and a business Enduring / Continuing POA
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Advance Health Care Planning
Advance Health Care Planning
• Different names in different jurisdictions
• POA Personal Care, Health Care Directive, Personal Directive, Representation Agreement
• Know your default health care consent substitute decision-making list if your province has one
• Different names in different jurisdictions
• POA Personal Care, Health Care Directive, Personal Directive, Representation Agreement
• Know your default health care consent substitute decision-making list if your province has one
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WillsWills• No excuse
• Copies and safe location
• If you are leaving your business to someone…
• Can your executor run your business?
• “Wife of the deceased lawyer…”
• Legal advice necessary
• No excuse
• Copies and safe location
• If you are leaving your business to someone…
• Can your executor run your business?
• “Wife of the deceased lawyer…”
• Legal advice necessary
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Reciprocal Arrangement
s
Reciprocal Arrangement
s
• Often find someone in similar field
• Make arrangements to ‘look after’ each other’s business
• Have meetings about business planning
• Beware of confidentiality or conflicts
• Could be at the same firm• Should be familiar with
work and ‘environment’
• Often find someone in similar field
• Make arrangements to ‘look after’ each other’s business
• Have meetings about business planning
• Beware of confidentiality or conflicts
• Could be at the same firm• Should be familiar with
work and ‘environment’
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InsuranceInsurance• Commercial• Personal• Professional liability• Medical• Disability / Critical
Illness• Life
Designation of beneficiaries
Review of coverage – enough?
• Commercial• Personal• Professional liability• Medical• Disability / Critical
Illness• Life
Designation of beneficiaries
Review of coverage – enough?
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Document Storage and
Removal
Document Storage and
Removal• How long do you
documents need to be kept? (estates?)
• Electronic / Paper?
• Passwords? Firewalls?
• Systems – including filing
• Privacy obligations
• Attorney / Executor details
• How long do you documents need to be kept? (estates?)
• Electronic / Paper?
• Passwords? Firewalls?
• Systems – including filing
• Privacy obligations
• Attorney / Executor details
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DISCUSSION
• DOES YOUR OFFICE HAVE A PLAN FOR ITS AGING CLIENT BASE?
• FOR EMERGENCIES?
• FOR ITS AGING PROFESSION?
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A COMPREHENSIVE
PLAN
A COMPREHENSIVE
PLAN
• Binder – paper and electronic
• “How to Run the Office”• Critical Documents• Passwords• Consents / Permissions• Instructions on bill
payments, employee payments, HR policies etc
• Any professional requirements
• Meetings – semi-annually…?
• Binder – paper and electronic
• “How to Run the Office”• Critical Documents• Passwords• Consents / Permissions• Instructions on bill
payments, employee payments, HR policies etc
• Any professional requirements
• Meetings – semi-annually…?