The guardian

Should somebody be allowed to commit financial suicide? If it’s your mother? Or your aging husband?

This is a difficult topic for some people. Especially those who just don’t understand it, and think nobody ever, under any circumstance, should be allowed to act on their behalf. Jacob was one of those guys. He died three weeks ago, so I can talk about him now. He was a soldier in Korea, a bush pilot, surveyor, off-grid cabin builder and a man’s man who ended up in suburbia. He routinely ripped me a new one in this blog’s comment section with acerbic wit and gleeful malice. I hated that. But respected him. We actually met and had the kind of affectionately snarly relationship two chained junkyard dogs might enjoy.

Then Jacob’s comments got weird. I allowed a few. Deleted some. Months later I was deleting them all. Scattered jibberish.

Wendy called. “My father has been diagnosed with Alzheimer’s,” she said. Yes, I replied. I know. And thus began a two-year battle by his family to access funds J had squirreled away over the decades in order to pay the $6,000 a month he required in 24-hour care at a retirement home. In the end, they needed a court order. Costly. He suffered in the meantime. All because he’d refused to sign one piece of paper. A POA.

Late last week this blog published a letter from a troubled son watching his financially illiterate mom blow through a windfall, creating a tax liability and future woes. One of my suggestions was for sonny to secure a power of attorney so, if needed, he could move in and rescue her.

Interesting responses n the steerage section, including this:

Really? What happens if Mom tells sonny-boy to go dunk his head in the toilet? I’m 60 and I’d use the money pretty much the same as Mom. Does that mean my 35 year old daughter should get power of attorney over me and take over my finances?

And this one…

And after the lawyer goes through the mandatory explanation that this POA is essentially a document whereby she signs her life away by putting all of her financial decisions into the hands of another, do you think she’s just gonna say: “Great! Where do I sign?” Give it up. Let her spend her way into oblivion.

Let’s try to make a few things clear since ignorance is washing over the gunnels. First, everyone who owns anything should have a POA – covering not just your money and possessions but your care. Not just the wrinklies. Everyone. You have no idea what may befall you in the future – sickness, accidents or being forced to sit trough a whiny Adele concert – so why not be prepared?

Granting a POA – most typically to your spouse – does not mean it’s in force. The person declared your ‘attorney’ does not have the right to touch any of your stuff or send you off to the psychiatric ward. First, a POA must be invoked, either voluntarily (you are sick and want someone to look after things for you) or involuntary (you’re an irascible, demented old goat like Jacob). Second, your appointee has a legal, fiduciary responsibility to act in your best interests. Period. Any activity not 100% for your benefit is a crime.

What’s a POA?

It’s a legal document granting – under defined conditions – your appointee the power to look after you, your money, your stuff, or your care. You set the terms and conditions, but it’s common for a spouse to want the other spouse to do anything they could do. Write cheques. Cash in a RRSP. Sell the house. Invest. Arrange healthcare. So, yeah, you need a lawyer to help select the powers and the circumstances.

To be effective, a POA must be invoked. Just signing one doesn’t mean it takes effect. Typically for a power of attorney to come into force a person would have to be declared medically incompetent. But if you were badly injured, laid up, and needed your spouse to take over all financial and household affairs, you could grant that.

A POA can be one person, a few of them, or an institution like the trust arm of a bank. Obviously choosing your cannabis-crazy nephew is probably not the greatest decision. There is always a risk that someone may decide to flaunt their responsibilities and take advantage of you. But balance against this the risk of troubled times befalling you, without anyone properly equipped to care.

So, everyone should have a power of attorney. You also need a will. And never make your unqualified kid your executor.

Well, that’s out of the way. Let’s roll.

104 comments ↓

#1 Bogdan M on 07.29.18 at 4:07 pm

Well that was far too reasonable :) great post about POA

#2 WUL on 07.29.18 at 4:22 pm

Counsel Turner,

I concur unreservedly. My wife and I and my mother have and have had for a long time, a Will, a Power of Attorney and a Personal Directive as it is know on the Great Plains here in AB. They may go by different names in different Canadian jurisdictions.

In my mind they are indispensable.

The personal directive allows the nominee to make medical decisions for the grantor of the document, i.e. no heroic measures, unplug the ventilator, donate organs, ensure some quality of life.

I do not know what the current going rate of a lawyer for the prep of these docs are but a small price to pay when compared to retaining a posse of rampaging litigators to go pester judges when times are a bit tough.

Although, remember the old lawyer saying, “Where there’s a Will, there’s a lawsuit.”

Thanks for the post my Learned Friend,

WUL

#3 JRH on 07.29.18 at 4:28 pm

Thanks again Garth !!

#4 NEVER GIVE UP on 07.29.18 at 4:30 pm

Ex F in law died a few years ago. He had 6 kids of his own. His wife died and passed her considerable wealth to him and then the old man remarried the Dragon Lady! This woman was all about money and inheritances. They had one daughter of their own together and she brought in 2 from a previous marriage.

When he died of Brain Cancer his 6 kids from the previous marriage got cut out of the inheritance totally even though some of the kids heard their father tell them they were going to get something.

He was the kind of guy who thought this subject was too creepy to talk about.

When the old man died the will was missing for a time (presumably to get dragon ladies in law lawyer to draw up a more favorable fake will).

It went to court.
6 kids against the Step mom who had one half sister living with her.

Now the half sister will never speak to her siblings again.
Damage is done.

Whenever you serve legal papers to anyone don’t expect them to ever be close to you again even if you are able to even talk.

BTW the 6 kids got zip.

The take away from this is even when you have a proper will, the only way to make it safe and prevent family destruction after your death is to have a family meeting and hand out copies of your will while you are alive. You need to talk about it to all parties and tell your family that if they fight over nickels and dimes after your death you will roll over in your grave.

Talk about it!
What is so secret about dying?
Why are people so insecure about the subject?
Nothing could be more natural.
If you want to control the outcome after death you must talk to everyone involved while you are alive.

#5 FOUR FINGERED WATSON on 07.29.18 at 4:33 pm

#92 Smoking Man on 07.25.18 at 10:41 am
Butts finally blocks Smoking Man on twitter. I threw everything at the bugger. Yet no block. Even called him a pu$$y once. Twiiter blocked me for 24 hours and shadow band the account. My new account with 50 followers gets hundreds of the tweets a post. Smoking Man account with 2500 followers gets zero.
—————-
Twitter recently cleared some crap accounts – maybe you can too Garth.

#6 Lawnboy on 07.29.18 at 4:33 pm

Great post Gartho.
Note: Man toys for sale along the road from Orangeville to Pary Sound….me thinks the dump has started. It’s Minden next week , but I see some 1-2 million dollar hovels are begging to be owned on Sawyers L.

Lawnboy

#7 Fluorine on 07.29.18 at 4:34 pm

For not just the Real Estate insights, do we come here.

Nor, the financial advice and generous knowledge on investments.

Not even for the tax tips and strategies, and insights into the arcane language of banks and credit unions.

We come for real, pertinent, and timely advice on a myriad of matters that pertain to anyone who wishes to look after themselves, and their families well-being.

Thank you.

#8 David McDonald on 07.29.18 at 4:34 pm

My wife’s sister receives a government pension but her bank card has expired. She is too far gone to identify herself so her cousin who has POA needs to unblock things. Unfortunately he lost the paperwork so as of now the caregivers can’t access the money.

This is not happening in Canada but this is a universal problem and Garth is doing a great service to raise awareness.

#9 Izzy Bedibida on 07.29.18 at 4:47 pm

Lots of good points. Mom made sure that a POA was put in place for my brother and I to take care of things if the need arises. She’s savvy enough to know if something is amiss on her bank statements. She has joked that if either one of us shows up with a Ferarri, she’ll immediately call the bank.
In her circle, there are stories of similar things happening after a POA was handed over to the children.

#10 earlybird on 07.29.18 at 4:56 pm

Thank you for this…great post, as usual!

#11 Newcomer on 07.29.18 at 4:58 pm

Definitely a must. In BC, we also have a thing called a representation agreement, which is very easy to set up and allows you to appoint a third person as a Monitor. The Monitor is a contact to whom people like banks or hospitals can reach out if they think anything funny is going on, and then has the responsibility of notifying the authorities if they agree. This is very safe and essentially free way to go.

#12 J on 07.29.18 at 4:58 pm

A friend of mine has parents who both have Alzheimer’s, one more advanced than the other. The one parent went out the door and has now been missing for two years. Better to have a good plan and die peacefully in bed than the alternative.

#13 Robin on 07.29.18 at 5:06 pm

My parents place POA for Care with my sister, who lived nearby. The POA for finances was placed with a financial institution, because I don’t live nearby.

One thing to consider is who to choose for POA and Executor. Garth, perhaps you can offer some sage advice here because the wrong choices can create many problems.

#14 Honey Dripper on 07.29.18 at 5:06 pm

It’s just plain DUMB to not have a POA for finances and health decisions. When you don’t others will be making decisions about care and living arrangements.

Please heed this FREE advice, see a lawyer and
git-er-done!

#15 FOUR FINGERS WATSON on 07.29.18 at 5:10 pm

#5 FOUR FINGERED WATSON on 07.29.18 at 4:33 pm

#92 Smoking Man on 07.25.18 at 10:41 am
Butts finally blocks Smoking Man on twitter. I threw everything at the bugger. Yet no block. Even called him a pu$$y once. Twiiter blocked me for 24 hours and shadow band the account. My new account with 50 followers gets hundreds of the tweets a post. Smoking Man account with 2500 followers gets zero.
—————-
Twitter recently cleared some crap accounts – maybe you can too Garth.
……………………………

Hey. Wuzzup with the name thievery ? Get yer own name.

#16 akashic record on 07.29.18 at 5:15 pm

#60 NoName on 07.29.18 at 12:47 pm

#40 akashic record on 07.28.18 at 9:36 pm
#32 NoName

This is a very different angel of the story from your book. Watch it and tell us what you think. It doesn’t exist as a book so you don’t have to blame yourself with laziness. Hurry up though, the link usually disappears quite fast.

#26 Doghouse Dweller on 07.28.18 at 7:24 pm
The Magnitsky Act ( The Evil Russian Documentary they don`t want you to see )

https://www.youtube.com/watch?v=njzZcdoLP6c

Watched, it is interesting, but…

Keep going if you don’t mind… after all you are familiar with the “official version”, you are in a good position to go beyond “interesting, but…”

#17 Dolce Vita on 07.29.18 at 5:16 pm

When my Dad died 2 decades ago, 1 bank account in his name only. Luckily the bank signed it over to my Mother as they knew her well. After that, all my accounts and home had mine and my Mothers names on them and mine on hers, just in case.

Had a POA before her end.

Took care of all her affairs for the last 10 years of her life and reported to her dutifully.

Took care of her for years at my home when she was infirm and then had to put her in 7/24 care so as not to endanger her life – there I visited her at least 1 time per week for years…brought her a lot of home cooked Italian meals which she loved.

It’s about unconditional love during heart breaking times.

Trust and duty come easy then.

Good advice again today Garth.

#18 crowdedelevatorfartz on 07.29.18 at 5:20 pm

alzheimers……..
Might explain my latest DELETED’s
Time to get a POZ….errrr , um ….. POA

#19 TurnerNation on 07.29.18 at 5:22 pm

Uhhh so how will we know then when Smoking man’s gone bonkers?

#20 Zapstrap on 07.29.18 at 5:25 pm

My father granted me POA over his affairs after my mother passed away. I managed all his bills and considerable finances along with regular visits and daily phone calls. I told him “now all you have to do is enjoy yourself.” He did just that. He kept his marbles until his passing, and I felt as though I made his latter years a little more enjoyable. Was comforting for both of us …

#21 Cdn Mom on 07.29.18 at 5:32 pm

Ontario has two different POAs. One for Personal Care (healthcare decisions, information), one for Property (financial).

Get both of them, and many, many copies. Everyone you deal with, from banks to insurance, cable, or phone companies want a copy when you try to deal with them. Never, ever give up that last copy in your hands. Make them copy it. BTDT

#22 pay your taxes on 07.29.18 at 5:43 pm

A friend of mine who was given POA for his sick mother has an older brother and two older sisters. Mom had to go into a home as the Alzheimer’s got worse, that’s when the sisters tried to pounce. Friend and brother called a family meeting and set the sisters straight – it’s mom’s money and will go only towards her care. The sisters had all kinds of plans for “the” money and it turned out they’d been quietly milking her for years.

Mom died a few agonizing years later (I was present for those heartwrenching phone calls from his mom who thought it was still 1980). The will was read and the remaining money dispersed. The brothers are still close and sleep well knowing they took proper care of their mom. The sisters skulked off into the night and haven’t been heard from since.

Thank God for the POA and Garth for bringing it to people’s attention.

#23 MSM-Free Zone on 07.29.18 at 5:50 pm

Great cover photo today. Spellbinding.

#24 Alberta Ed on 07.29.18 at 6:13 pm

Sound advice. It cost us about $600 for a lawyer to draw up our wills, POAs and personal directives, according to the laws here in the Socialist Republic of Oilberta. Our kids have copies of our wills and instructions where to find our legal documents (X marks the spot) and who to contact when the last one standing rides the Harley away (taking that with us).

#25 SoggyShorts on 07.29.18 at 6:14 pm

How deep do PoAs and Wills go?

Is it normal to have a backup or two?

For example my brother is the exec for my parents, but I don’t think there is a provision if something were to happen to all 3 of them at once.

#26 Stupid and Naive on 07.29.18 at 6:18 pm

My sister has POA for my mother, for both finances and medical. Brother and I are left out and not involved with that, and mom just got an ‘all clear’ for cancer, having chemo treatments over the winter, so lots of disruption and living arrangement changes. Sister was erratic in the administration while mom was sick, and I do not believe she was the right POA choice, confirming what I told my mother when she announced it. Not that she is dishonest, just that she is naive and has no business experience related to the responsibility. The point is, make sure the right person(s) have the POA if you can. They should be comfortable with the tasks they will be involved with, and attentive.

#27 Wrk.dover on 07.29.18 at 6:24 pm

Muggles think death/succession planning is a jinx, so add another bonus to being a wizard.

I get a kick out of people that regularly use various types of transportation with all of their willed beneficiaries on board. No contingency. That’s as far as the will goes. Period. Spend $10 more and leave it to Sally Ann or something….it’s not a jinx. It’s your stuff.

#28 Mean Gene on 07.29.18 at 6:32 pm

Gots me a springing POA… invoked if I become incapacitated. Boing boing boing.

#29 FOUR FINGERS WATSON ®️ on 07.29.18 at 6:38 pm

I gave my kids POA when I was diagnosed with LAS. Now that my Lazy Ass Syndrome is full blown all I wanna do is lay on the beach and drink beer. Coronas with lime. Sometimes it is hard to bear but as long as the beer is cold I get by. Now the kids don’t have to use their own money to bail me out.

#30 claude Belfer on 07.29.18 at 6:39 pm

Garth
In your last blog you wrote and I quote:
And never make your unqualified kid your executor.
Can you explain why?
Thank you

I have explained previously and it took an entire blog to do so. – Garth

#31 Sam the Sham on 07.29.18 at 6:53 pm

Is that dog making a Nazi salute? There was a guy in Scotland who did jail time for having his dog do that. There is actually people who take nonsense like this seriously!

#32 NoName on 07.29.18 at 6:57 pm

@16 akashic record

It is really does not matter what my thoughs or beliefs on a topic are. I am not noname because i am anonymous, i am noname because i am unimportant. If i size to exist outside of my family noone would probably lose any sleep over it.

But what would be interesting to hear from you is if you make list of 10 things that you absolutely believe in but general population disagrees with.

#33 Zoe's inheritance on 07.29.18 at 7:00 pm

Anyone have any experience on best way to convert a healthy amount of GBP to CAD so the banks don’t RIP you off.

#34 HogtownIndebted on 07.29.18 at 7:01 pm

Agree fully with Garth and WUL.

Have just done some POA paperwork at a discount lawyer’s office for a beloved relative.

Cost: $75 for each POA declaration, one for property (required two names, principal and a backup and both must be involved and present original, not copies of, documents to do any banking, property, etc. changes) plus one POA for health care, with a nominated backup.

Worth it for the peace of mind.

#35 Felix on 07.29.18 at 7:08 pm

Such a disturbing picture. A canine about to savagely beat an innocent child.

Cats would never do that.

#36 Bytor the Snow Dog on 07.29.18 at 7:22 pm

Would you kindly disclose “Jacob’s” nom de plume so that we could get a better understanding of his thinking?

Of course not. – Garth

#37 acdel on 07.29.18 at 7:50 pm

I enjoy these types of articles/posts in a logical way!

Although it can be uncomfortable situation to deal with, it may help many out there that face a similar situation, thanks Garth! Good info!

#38 Does it expire? on 07.29.18 at 8:01 pm

Once signed, does the POA ever expire?

#39 BlogDog123 on 07.29.18 at 8:04 pm

Got the POAs (care+property) and wills re-done around the time our first child was born. Worked with the lawyer to understand all scenarios in the future (longevity of financially mature relatives and their capacity, willingness location to make decisions).

There’s a clause you can add in Ontariowe about excluding/limiting inheritances for your child’s soon-to-be ex if your kid is going through a divorce around the time of your death. Ask about it.

We also had the useful “self proving affidavit” page added to the front, just in case there’s dispute about how it was signed/witnessed. All for less than $400.

#40 Thelma on 07.29.18 at 8:17 pm

Yes get a will a Poa and a personal directive immediately if you don’t have one. And if you have an old will get it updated. I just did this recently. Money well spent on a WUL. My last will i did some 27 years ago when my young husband was killed in a small plane crash while he was flying in the US. At the time we didn’t have a will (but I did insist on a large life insurance policy when he got it into his head he wanted to learn to fly),so that wasn’t too fun though everything was held jointly.

Oh and a sleazy ambulance chaser lawyer from California soon started calling me demanding money for damages. “Isn’t that what insurance is for?” I asked. Well after about the 3rd call I had had enough and asked for his contact info.

I then called the large YYC law firm–Collins Furley and Roper Washed Up Lawyers– and said I need someone to make someone go away. They put me in touch with a lovely WUL in an immaculately cut suit and Robert Redford hair. Don’t worry he said I will give him a call. And that was that, never heard from “My Cousin Vinny” again. I think he called his bluff about a law suit. More money well spent on a WUL!

Back then a POA or personal directive wasn’t even pitched to me. So an update was due. Besides my Sister recently said she didn’t want the children any more should I go. Haha! They’re all Millenials now.

Oh and just a word of advice to all you young Millennials out there (besides getting a will), If you have young children and have dangerous hobbies like flying, motorcycles, fast cars, that sort of thing, I would implore you to please consider giving them up at least until they are out of school.

I would hate for you to miss out on watching your beautiful daughter dance her first professional role in Swan Lake to a sold out theater.

#41 232 on 07.29.18 at 8:28 pm

Garth,
Could you please make a post about retiring in a different country? How will that effect your Canadian benefits (healthcare, pension, etc), as well as what would happen to your investments (TFSA, RRSP, ETFs, index funds, etc). Will they need to be sold? Will you still need to pay Canadian taxes? Thank you very much!
Keep up the awesome work!

#42 jane24 on 07.29.18 at 8:36 pm

33- Zoe’s Inheritance

To get the best deal on currency transfer £ to $ requires Currencies Direct, a web currency outfit owned by Barclays bank in Britain. Look them up. I use them all the time to move money between my Canadian, Italian and British bank accounts. They charge only a tiny percent of the funds involved as it is bank to bank business.

My parents had no financial ability whatsoever and committed financial suicide. At the time I was incensed as we had to keep bailing them out and it was always yet more of the kids’ money down the hole but after 12 years in an Ontario nursing home at the end it didn’t matter. All that they should have saved would have gone on nursing home fees anyway. Now they are the guests of the Ontario benefit system. Thank you Ontario tax payers.

#43 ImGonnaBeSick on 07.29.18 at 9:00 pm

#33 Zoe’s inheritance on 07.29.18 at 7:00 pm
Anyone have any experience on best way to convert a healthy amount of GBP to CAD so the banks don’t RIP you off.
——
Is there a Norbert’s Gambit you could use? If you can find the right stock, and sell it in NYSE to convert it to USD, then buy a bunch of something like TD on the NYSE and sell it on the TSX…

#44 Ace Goodheart on 07.29.18 at 9:23 pm

It’s all this spinning. Earth around sun. Sun around galaxy. Galaxy around other galaxies. Spin, Spin, spin.

It makes you old.

Every time the earth goes around, you’re a day older.

Go around the sun and you add a year.

If you could just somehow get off this ride.

Stay perfectly still.

You’d live forever.

#45 LP on 07.29.18 at 9:28 pm

#21 Cdn Mom on 07.29.18 at 5:32 pm
Ontario has two different POAs. One for Personal Care (healthcare decisions, information), one for Property (financial).

Get both of them, and many, many copies. Everyone you deal with, from banks to insurance, cable, or phone companies want a copy when you try to deal with them. Never, ever give up that last copy in your hands. Make them copy it. BTDT

****************************************

Good grief!!!!!!!!!!!!! In the last year I’ve had to update both of those documents due to the death of my husband. I used our lawyer, who also practices family law as well as day-to-day stuff. She told me under no circumstances should one give a bank or household services (i.e. cable and utility companies) a copy of your POA/POAPC and never to give one to your chosen attorneys. The signed originals stay with the lawyer and 1 unsigned copy of each in your own personal files. You can tell your child(ren) or other person where both of those forms are.

After my husband passed I went to the bank to get all the accounts changed to only my name. The bank manager wanted, rightly, to see his will. But she went one step further and insisted on keeping a copy of the whole will (rather than just the first page) and said that she must have a copy on file of my own POA and POAPC. Luckily before I complied I had an appointment with the lawyer who blew her stack over what the bank manager wanted.

Keep your personal stuff private from as many people as possible for as long as possible. Don’t assume others are entitled to know everything there is to know about you and your financial affairs.

#46 Jimers on 07.29.18 at 9:31 pm

Last week Facebook was busted politicizing their platform and possible collusion with Democrats election meddling under Obama, this week its Twitter busted for censoring the tweets of 4 Republican congressmen. Fur is gonna fly, possibly criminally.

#47 I like cookies on 07.29.18 at 9:40 pm

If I were in a car accident and in the hospital in and out of consciousness for a few weeks, is a pre-arranged POA allow my spouse to access my bank accounts to pay the bills? Would he be able to get that after the accident, or would we be hosed?

#48 Tbone on 07.29.18 at 9:40 pm

# 38 does it expire

Yes the POA expires upon death , then the will is in force .

#49 DON on 07.29.18 at 9:48 pm

“Let’s try to make a few things clear since ignorance is washing over the gunnels.”

Hopefully’ there is only one wave and not a set!

On another note. New sold signs are scarce in the communities outside Victoria. More new listings signs, same old sold signs still up and Reduced.

Drove around Duncan…signs are everywhere . Everywhere meaning all parts of the city. On the urban/rural streets I drove down …not one sold sign. Langford and Colwood BC have new developments racing ahead. Houses have been sitting empty for months. Things appear quiet must be the heatwave right? Yikes!

POA…makes perfect sense.
Recently my wife had her mother sign one. Things are not bad at the moment but things can change fast, real fast. Who wants to deal with the hassles of not having one after your loved one is gone.

#50 Roku on 07.29.18 at 9:51 pm

#33 Zoe’s inheritance

Try knightbridge

#51 Gotta Get Out of Calgary on 07.29.18 at 9:53 pm

#30 claude Belfer on 07.29.18 at 6:39 pm

And never make your unqualified kid your executor.
Can you explain why?

————————————————————

Claude, see link below for the blog post where Garth discusses making an unqualified child the executor of your will.

https://www.greaterfool.ca/2017/12/03/the-end-7/

#52 Zoe's inheritance on 07.29.18 at 9:55 pm

43 ImGonnaBeSick on 07.29.18 at 9:00 pm
#33 Zoe’s inheritance on 07.29.18 at 7:00 pm
Anyone have any experience on best way to convert a healthy amount of GBP to CAD so the banks don’t RIP you off.
——
Is there a Norbert’s Gambit you could use? If you can find the right stock, and sell it in NYSE to convert it to USD, then buy a bunch of something like TD on the NYSE and sell it on the TSX…
….

Have used Norbert’s gambit for usdcad – works great. Been trying to see how to do that for GBP.. must be a way!

#53 Zoe's inheritance on 07.29.18 at 9:58 pm

awesome work!

#42 jane24 on 07.29.18 at 8:36 pm
33- Zoe’s Inheritance

To get the best deal on currency transfer £ to $ requires Currencies Direct, a web currency outfit owned by Barclays bank in Britain. Look them up. I use them all the time to move money between my Canadian, Italian and British bank accounts. They charge only a tiny percent of the funds involved as it is bank to bank business.

Thanks. That looks great. Seen a few exchanges places like that. Definitely seems the way to go rather than through the bank directly which are a spectacular ripoff.

#54 Funky on 07.29.18 at 9:58 pm

Whew…..You are the man Mr. T. Thanks again.

#55 Evangeline on 07.29.18 at 10:10 pm

Very very important in a will: make a specific provision for pets. Leave a big extra chunk to whoever will take on the pet’s caregiving. Otherwise the pet will likely be euthanized.

#56 I will answer my own question on 07.29.18 at 10:27 pm

Under Part 6 of the Land Title Act, it is valid for only three years from the date of signing, unless it says otherwise, or unless it is an enduring power of attorney.

The main difference between a Power of Attorney and an Enduring Power of Attorney is that an enduring power still has effect even after you loose mental capacity. A Power of Attorney is a document you can sign appointing another person to act for you regarding your financial matters

#57 Smoking Man on 07.29.18 at 10:29 pm

Joined proud boys of orange county. Got grilled huge. No girly men allowed. T2 no chance

Guess I’m a nazi now according to SPLC…. Long live western chauvinism. Dudes with nuts hanging from bumpers. Mirrorshades for the pool , looking that way when you are staring at something beautiful.

I love life. I got to beat up an anti facist for full blown membership.
Don’t think I can do it. Would not be a fair fight. Even at 59 my old hockey days. Still know how a side shot to the temple will take an elephant down.

I’m not hitting anyone. Less of course they disrespect the wife.
Prould boy here…..

#58 The real Kip on 07.29.18 at 10:33 pm

Well, at least you’re quoting me now. You used to just delete me.”

#59 Space-time reality on 07.29.18 at 10:36 pm

44 Ace Goodheart on 07.29.18 at 9:23 pm

It’s all this spinning. Earth around sun. Sun around galaxy. Galaxy around other galaxies. Spin, Spin, spin.

It makes you old.

Every time the earth goes around, you’re a day older.

Go around the sun and you add a year.

If you could just somehow get off this ride.

Stay perfectly still.

You’d live forever.
..

Apparently we’re going at more than 2 million miles a hour through space… entropy will get you every time…….

#60 Zoe's inheritance on 07.29.18 at 10:39 pm

#47 Roku on 07.29.18 at 9:51 pm
#33 Zoe’s inheritance

Try knightbridge
..
Super. Looks good and better than trying bitcoin!

#61 Smoking Man on 07.29.18 at 10:59 pm

FOUR FINGERED WATSON on 07.29.18 at 4:33 pm
#92 Smoking Man on 07.25.18 at 10:41 am
Butts finally blocks Smoking Man on twitter. I threw everything at the bugger. Yet no block. Even called him a pu$$y once. Twiiter blocked me for 24 hours and shadow band the account. My new account with 50 followers gets hundreds of the tweets a post. Smoking Man account with 2500 followers gets zero.
—————-
Twitter recently cleared some crap accounts – maybe you can too Garth.
..

You anti free speech heathen suck up…
I’m a proud boy now. Call me a nazi. Badge of honour from people with clearly suffering mental disorders.

Capitalism rocks. Socialism is theft by entitled little spoils brats with zero imagination or creativity..

I hate em.

#62 Spock on 07.29.18 at 11:09 pm

Really good information GT.

Best to get the will and POA done through a lawyer but for those who want to do it on their own you can order the Powers of Attorney kit courtesy of the tax payers in Ontario or download and print the PDF from the following website from the Justice Ministry of Ontario.

https://www.attorneygeneral.jus.gov.on.ca/english/family/pgt/poakit.php

Hope this helps some of the good folks out there.

#63 SW on 07.29.18 at 11:16 pm

#33 Zoe’s inheritance on 07.29.18 at 7:00 pm
“Anyone have any experience on best way to convert a healthy amount of GBP to CAD so the banks don’t RIP you off.”
Transferwise.

#64 Linda on 07.29.18 at 11:40 pm

Not a few legal firms will offer as a service POA & executors. So instead of some family member who may or may not have the time or experience to deal with stuff the legal firm steps in. While this should prevent any family issues such as accusations of ‘stealing the money for yourself’ etc., no guarantees. Main benefit is that any partner or family who may be dealing with grief or trying to spend time with their loved one will have the time to do that instead of dealing with banks, CRA & other time consuming issues. And nothing to stop you from putting a clause into your POA that instructs the law firm to consult & take into account the concerns/wishes of your partner so that they can still direct your care w/o having to do all the paperwork. Since the lawyers will be fully aware of the legal requirement that anything that is done is in your best interests, it is a way to prevent any untoward hanky-panky going on.

#65 Leo Trollstoy on 07.29.18 at 11:44 pm

#30 claude Belfer on 07.29.18 at 6:39 pm

https://www.greaterfool.ca/2017/12/03/the-end-7/

#66 Steve French on 07.29.18 at 11:55 pm

“Then Jacob’s comments got weird. I allowed a few. Deleted some. Months later I was deleting them all. Scattered jibberish.”

“Jacob” = Smoking Man?!

lol

#67 Russ on 07.30.18 at 12:06 am

I like cookies on 07.29.18 at 9:40 pm

If I were in a car accident and in the hospital in and out of consciousness for a few weeks, is a pre-arranged POA allow my spouse to access my bank accounts to pay the bills? Would he be able to get that after the accident, or would we be hosed?
====================

G’d dammit Cookie.

It’s called a “joint account”, a really good thing for married people who trust each other.
Either one can use it freely… and you might even save on bank fees rather than having two full service secret accounts.

#68 fishman on 07.30.18 at 1:09 am

The last year I’ve been trying to talk an old tradesman of mine to sign a POA. He’s a heavy drinker & in poor health but a good guy. Things deteriorated pretty fast & he ended up on the 2nd floor north wing of St Pauls hospital (thats the one downtown Van handles all the druggies, homeless, crazies) , Locked down, legal papered. Still there.
After 6 weeks & no booze ( the first time in 50 years he’s been sober) they do a 2nd assessment & ok, he’s better. Or at least ok enough to bring in a lawyer & sign a POA to me. They want him out of there as its expensive but they need someone to handle the paperwork. Now I can get his financial stuff together & we can figure where to put him.
The moral of the story is get a POA or you may end up in a “One flew over the Cuckoo’s Nest ” scenario like my longtime welder. No Big Nurse. The Dr.’s nurses & social workers are frazzled but somehow maintain their kindness & patience.

#69 PC load letter on 07.30.18 at 1:20 am

Excellent advice Garth.

I would only add that if you do choose to name a child as POA or executor, make sure to pick the most responsible one and talk to them about it beforehand.

And everyone, please don’t be tempted to make 2 of your kids joint executors in an attempt to avoid hurt feelings. In my experience it is practically an invitation to fight.

#70 I dream of dinosaurs on 07.30.18 at 1:37 am

Sorry to hear about your blog dog friend Garth. I suppose eventually all of us will follow a similar path.

https://www.youtube.com/watch?v=u9Dg-g7t2l4

My dreams have been disturbing for a long time, so much so that I hate sleeping. Maybe this is how dementia starts.

In my dreams, and there are many of them they each run for a few weeks like a movie in the cinema and then they change. But the plot is always the same. I am trying to sort something out in a messy situation, it could be a messy garage that I’m trying to clean, could be a house renovation, etc. But as fast as I’m straightening things out, people or circumstances are making things worse faster than I can fix them while the other people party and carry on, unaware that there is a problem.

In some of the dreams I can’t even make things better at all, while people fall to their deaths or otherwise severely imperil themselves. Unattended children are drowning in swimming pools and I can’t get through the gate and no one pays attention to me screaming.

In the worst dreams, there was a t-rex hiding in the bushes watching my children’s every move. But that turned out to be my ex-wife and it went away, thankfully. The t-rex never attacked me or my children in my dreams, but I knew it was always watching, menacing, drooling, ready to pounce.

Psychology is a weird thing. You don’t know half of what’s going on in your brain, and if the parts that you usually use to control yourself begin to fail, it isn’t pleasant and you may not even know it’s happening. The other parts that dream of dinosaurs and fear snakes take over, and they don’t see anything wrong with it. That’s how they’ve always reasoned.

I wonder if in some people the part of the brain that dreams of dinosaurs and fears snakes dies first, leaving a perfectly rational 90 year old with no fears or emotions? To my knowledge nobody has studied that.

#71 I dream of dinosaurs on 07.30.18 at 2:08 am

oh this version is even better.

https://www.youtube.com/watch?v=Bk7RVw3I8eg

#72 Henry on 07.30.18 at 7:27 am

#33 try xe.com. Once set up can use over again and rates are great.

#73 davvikk on 07.30.18 at 8:21 am

Housing Crash 2.0? Experts Warn That ‘The U.S. Housing Market Looks Headed For Its Worst Slowdown In Years’

http://www.investmentwatchblog.com/housing-crash-2-0-experts-warn-that-the-u-s-housing-market-looks-headed-for-its-worst-slowdown-in-years/

#74 IHCTD9 on 07.30.18 at 8:36 am

Ok, after this weekend; I guess I’m going to begin the process of finally hanging my hat on something. This usually takes a couple years to do while I observe and quantify the goings on around me.

It’s been building for a while with congestion moving from one major holiday per year, to all long weekends in the summer, to every single weekend in the summer. This year it’s been pretty much every weekend.

I expect next year, anytime I head south of the far-flung IHCTD9 headquarters on a summer weekend, I will now (unbelievably so) hit GTA traffic jams not only on the 401, but now also on a 2 lane country road.

It’s been a good run, but looks like its over. I’m going to hang my hat on it: 2 hours away from the GTA is no longer far enough. I can’t imagine how bad things must be in Toronto to possess so many folks to drive 2-4 hours one way just to sit on a beach or amongst some trees.

#75 crowdedelevatorfartz on 07.30.18 at 8:37 am

@#49 Don
“On another note. New sold signs are scarce in the communities outside Victoria. More new listings signs, same old sold signs still up and Reduced……”
+++++

Yep,
Seeing the same thing in the Lower Brainland.
Same signs, languishing in the heat….unsold, unloved.

This long hot summer is half over and the Real Estate cartel is finally admitting “sales are down”( “but not by much”).
I cant wait til Nov when its apparent to everyone, (including the self serving commission based Real Estate cartel) that the “good days” are over…..
Then and only then will the spineless Main Stream Media actually speak of that which must not be mentioned.
Hopefully we’ll be in the beginnings of a Corruption Inquiry in BC highlighting the many and inventive ways the Liberals and their lobbyist supporters sold this Province into the fiscal garbage heap.
BC Rail. BC Hydro, BC Gaming, Mt Polley, Money Laundering at casinos are but a few examples.

#76 Ian on 07.30.18 at 8:53 am

Well folks, we have a hit a new differential on Zolo between GTA inventory and sales this am!

Inventory 6,763 – Sales 2,184 = 4,579 differential

Sold price plunging again too.

So much for the ‘inventory fading in the summer’ theory. Major bear growling now!!

#77 Tater on 07.30.18 at 9:09 am

#56 Smoking Man on 07.29.18 at 10:29 pm
Joined proud boys of orange county. Got grilled huge. No girly men allowed. T2 no chance

Guess I’m a nazi now according to SPLC…. Long live western chauvinism. Dudes with nuts hanging from bumpers. Mirrorshades for the pool , looking that way when you are staring at something beautiful.

I love life. I got to beat up an anti facist for full blown membership.
Don’t think I can do it. Would not be a fair fight. Even at 59 my old hockey days. Still know how a side shot to the temple will take an elephant down.

I’m not hitting anyone. Less of course they disrespect the wife.
Prould boy here…..
—————————————————————-
What a pathetic old man.

#78 Asterix1 on 07.30.18 at 9:10 am

https://www.thestar.com/business/real_estate/2018/07/29/first-time-homebuyers-in-barrie-squeezed-by-falling-property-values.html

More whiners complaining about their real estate buy and getting media coverage! They bough pre-construction in Barrie in Feb 2017.

– Paid 639,900, now worth 539,000.
– “They want to begin their married life in their own place without the expense and inconvenience of moving into a rental”
– “To finance their purchase, the couple have gone to a B lender”. Yet, the buyer has the guts to say “We saved up a down payment. We’re first-time buyers,”.
– “she wasn’t familiar with the Barrie market when they bought”

Leave the builders alone! They don’t owe you anything, you owe them every thing now…

#79 Grey Dog on 07.30.18 at 9:35 am

My husband and I recommended this years ago, it is noted in the Daily paper we read in addition to Garth’s Blog…POA…talk open, talk often so all siblings know parents wants and needs.

However, both sets of parents in their 80s think to do this jinxes them, horrified that we would raise the subject…what kind of ungrateful kids were we, possibly sniffing around ahead of time for what would be left??? (We have always been financially independent of them, and most comfortable living within our means). I was stunned with their anger, I tried repeating what I had read to no avail.

All I can say is good luck to Blog Dogs if you believe you can turn your folks around re Garth’s POA Blog.

BTW our financial advisor had us do one each with the local lawyer. Financial and Health.

#80 IHCTD9 on 07.30.18 at 9:45 am

#66 Russ on 07.30.18 at 12:06 am

It’s called a “joint account”, a really good thing for married people who trust each other.
_______

Youth these days don’t like to share money with their spouses. I guess it’s much better to keep wages and savings a secret.

#81 papajoe on 07.30.18 at 9:49 am

Garth, this is a great post. The only other thing that I would add is that everyone should also have a medical power of attorney.

#82 Zoe's inhertitance on 07.30.18 at 10:09 am

#62 SW on 07.29.18 at 11:16 pm

#33 Zoe’s inheritance on 07.29.18 at 7:00 pm
“Anyone have any experience on best way to convert a healthy amount of GBP to CAD so the banks don’t RIP you off.”
Transferwise.

#71 Henry on 07.30.18 at 7:27 am

#33 try xe.com. Once set up can use over again and rates are great.

….

Thanks for all the suggestions folks. Great to hear.

#83 NotLegalAdvice on 07.30.18 at 10:25 am

#25 SoggyShorts on 07.29.18 at 6:14 pm
How deep do PoAs and Wills go?

Is it normal to have a backup or two?

For example my brother is the exec for my parents, but I don’t think there is a provision if something were to happen to all 3 of them at once.

_________________________

A good lawyer would know to draft a provision in the Will under a heading labelled “family disaster”. What to do in the event of a horrific accident resulting in everyone’s death.

Or if the Executor were to die, who would the second choice be?

Same applies for the POA. If the 1st POA declines or is no longer alive, who would the POA go to. Always include a back up.

#84 Tony on 07.30.18 at 10:30 am

van_down_by_river from Wolf Street just sold all his stocks. Dated Friday July the 27th.

#85 IHCTD9 on 07.30.18 at 10:38 am

I was at a family gathering this weekend, and ended up talking to several folks roughly my age regarding retirement.

Funny, everyone no matter what they did for a living wanted out at 55. It’ll be a challenge one way or another for all of us.

CPP will probably get kicked further down the road hampering all our efforts.

A Civil servant was worried about the future of his OPSEU pension as there are already some serious issues

For one guy (auto worker), it is possible that Trump could destroy his entire retirement plan.

One guy was talking and dreaming, but there’s no way he’s retiring at 55 – ZERO chance.

A couple younger (near 40) “build and flip” couple were more concerned about nuking the mortgage than investing. They have never even discussed retirement savings, but do know they would like to hang up the gloves before 60…

For Ms. IH and I, it’s cash flow between 55-60.

I’m thinking I might try for a three day work week starting at 55, and bailing out at 60.

#86 dharma bum on 07.30.18 at 10:47 am

Glad I made it onto a blog post.

I’ll admit my rant was a tad emotional.
I was a little delirious after stepping out of the Oregon woods on a recent hiking vacation.

Of course, a POA is essential.
My point is that the exercise of convincing a reluctant parent to have one set up can be extremely difficult and frustrating.

A few years ago, my mother entered the world of the demented. I started noticing her bizarre (more than the usual bizarre) behaviour, and asked my father if he noticed a difference in mom.

What was I thinking? My dad was the master of denial.
It made me think about his preparedness for the inevitable, at which point I broached the subject of a will and POAs.

Well, let me tell you.
It was as if I was 7 years old again, getting told off by the old man.

Long story short, after several ugly shouting matches, and outlining possible scenarios about mom’s situation should he get ill or pass before her, I finally was able to drag their asses into an estate lawyer’s office and get them to draft POAs (for personal care and property) and wills.
The one thing I could not convince them of was to be specific in their wishes for the personal care POAs (i.e. the “living will”, so to speak).
Superstitious, those two.

Anyhow, good thing I went through that ordeal, as frustrating, emotionally abrasive and relationship straining as it was.

Within 15 months, both of their conditions, mental and physical, deteriorated to the point of my having to get doctor’s letters declaring them incapable of managing their own affairs.

Just in the nick of time too.

Dad suddenly collapsed one day, and ended up in the hospital.
He passed 40 days into the hospital stay.
Mom is now in an assisted living facility specializing in dementia care, at a cost of $7K per month.
Luckily, I was able to get full control of their financial assets and personal care decisions just a couple of months before they imploded.

However, if my freakout on my old man at the time had been unsuccessful, there’s nothing I could have done about it.
Mom would be a ward of the state right now, pending a court order.

Whew.
Missed it my THAT much.

https://www.youtube.com/watch?v=oPwrodxghrw

#87 IHCTD9 on 07.30.18 at 11:27 am

#77 Asterix1 on 07.30.18 at 9:10 am
https://www.thestar.com/business/real_estate/2018/07/29/first-time-homebuyers-in-barrie-squeezed-by-falling-property-values.html

More whiners complaining about their real estate buy and getting media coverage! They bough pre-construction in Barrie in Feb 2017.
_____

This Abid Mirza guy has a PHD in stupid. He waltzes in, has no idea what the market is doing, or where it’s at. Never checks what nearby homes sold for over the last year. Now after he screws himself and his soon to be wife, he’s looking everywhere for someone to blame.

My best advice for this couple is that his fiancée call off the marriage and find someone else to marry that has some brains.

#88 James on 07.30.18 at 11:47 am

#76 Tater on 07.30.18 at 9:09 am

#56 Smoking Man on 07.29.18 at 10:29 pm
Joined proud boys of orange county. Got grilled huge. No girly men allowed. T2 no chance

Guess I’m a nazi now according to SPLC…. Long live western chauvinism. Dudes with nuts hanging from bumpers. Mirrorshades for the pool , looking that way when you are staring at something beautiful.

I love life. I got to beat up an anti facist for full blown membership.
Don’t think I can do it. Would not be a fair fight. Even at 59 my old hockey days. Still know how a side shot to the temple will take an elephant down.
I’m not hitting anyone. Less of course they disrespect the wife.
Prould boy here…..
—————————————————————-
What a pathetic old man.
___________________________________________
There is no way Smoking Man is 59 years old. What a total scam that is, I’m calling that one! I saw this guy in pics and vids on Periscope he has to be in his late 60’s, what a pathetic old man is right. BTW You used to call the wife “The Old Hag and something about a Scottish Bitch. So whats up with that old man you either want to protect her or defame her? Make up you mind old Man.

#89 Wrk.dover on 07.30.18 at 12:42 pm

#73 IHCTD9 on 07.30.18 at 8:36 am

I always take your bait.

There is traffic on every road to everywhere, trust me I have been on all of them in every state and province, end to end diagonally, horizontally, vertically and in the big circle. In many places over and over.

Which is why I rarely venture down the driveway anymore, especially between Thursday and Tuesday.

I was in town a week ago first thing Saturday morning though, and all of the store parking lots and cashier lines were empty.

Wrap your head around the number of cars out there in every county in the first and second world just like yours, every day after day endlessly, and rethink your own Man Made Climate Change stance. The two are linked ya know, but not your view of the big picture from PE County, so far. It is all the same everywhere.

#90 Stan Brooks on 07.30.18 at 1:26 pm

Excuse me/excuse-moi,

What do I read in the comment for this post?
The sheeple thinking about moving abroad, advice on efficient money transfers internationally, rebellious ideas jeopardizing the well being of the core values/foundations of this country, the purpose for which it was established – the profits of the banks?

That is absolutely not acceptable.

The sheeple’s role as established by the owners of this place is to pay ever increasing taxes, enjoy expensive services, eat crap, never to retire and leave nothing to their descendants, even not to have descendants as that is expensive, they think they can import on the cheap labour from abroad.

Capisce sheeple? Behave or else….

#91 Ace Goodheart on 07.30.18 at 1:54 pm

Here we go again:

https://www.thestar.com/business/real_estate/2018/07/29/first-time-homebuyers-in-barrie-squeezed-by-falling-property-values.html

This is going to be the year of “I paid to much for my house”

Followed by the year of “I can’t afford my house”.

After that comes “holy sh*t”

And then I start buying residential real estate from distressed buyers again (time to come out of retirement).

#92 cmccullo on 07.30.18 at 1:56 pm

I’ve been an executor, but just recently has been my first run as PoA (both PC and Property). Quite a different experience. A lot more day-to-day details and time off work involved.Trying to give my (single, mid-70s,no kids) aunt as much independence as possible while her dementia progresses. Remember when you’re updating your will/PoA to review whether your peers are still up to the task. My parents were so stressed I was starting to worry I’d have the whole lot of them in a hospital before the Dr. got the paperwork moving.

#93 LP on 07.30.18 at 1:56 pm

#73 IHCTD9 on 07.30.18 at 8:36 am

I hear you and feel your pain. One week-day last week I decided to drive to Richmond Hill during the day. My purpose, to save $100 by buying a used rollator. Now, I wish I’d just spent full price for a new one and had it delivered.

I got the map from Google Maps; the directions had me drive from Kitchener along the 401 to 400 north to highway 7. Due to construction it took almost half hour just to clear the intersection of 400/7 where to my dismay I found I was in the wrong turning lane. No one would let me in. So, I turned left and drove about a block so that I could get turned around in the right direction. Another half hour to clear the darned intersection so that I could proceed to my destination along highway 7.

How do people who live around there manage day to day? I couldnd’t do it, not for love nor money!

******************************
To Flop, if you’re reading today…Sure hope you’ll come back regularly even if you no longer follow your former post format. Your observations, sans real estate stats, were usually informative and often humorous.

F71ON

#94 Barb on 07.30.18 at 2:27 pm

“…First, everyone who owns anything should have a POA – covering not just your money and possessions but your care.”

———————————————–
True, but when my elderly Mom was hospitalized after a fall last year, the registered nurse in the hospital told me it would also be wise to have a Medical Representation form completed and signed by Mom.

I printed one from the website and Mom and I completed it with her during my next visit. The two RNs asked me to leave the room and asked Mom if she agreed with the contents of the form and she said yes. Then both RNs witnessed the form.

Mom had a stroke in April this year and passed away in May, totally without pain. Her suffering was alleviated with the doctor-approved Do Not Rescuscitate (DNR) and “no machine intervention if quality of life cannot be maintained” from the medical rep form.

Tough situation … but no-one attempted to keep Mom alive when it was no longer possible without machine help.

#95 Barb on 07.30.18 at 2:28 pm

Oops, sorry.
Medical rep link is here: http://seniorsfirstbc.ca/for-professionals/representation-agreements/

#96 Leo Trollstoy on 07.30.18 at 2:42 pm

The couple are at the tail end of a cohort of buyers and sellers who were caught mid-transaction when Ontario’s former Liberal government launched its Fair Housing Plan in April 2017. The policy, including a foreign buyers tax, threw cold water on the Toronto region’s overheated housing market that had peaked in March 2017 with a 33 per cent year-over-year increase in the average sale price.
https://www.thestar.com/business/real_estate/2018/07/29/first-time-homebuyers-in-barrie-squeezed-by-falling-property-values.html

damn the peak in real estate prices in 2017 really went out with a bang!

oh yeah, when is gold going to go up again? lololol

#97 Hairhead on 07.30.18 at 2:44 pm

Undergoing the nightmare right now.

F-in-law died intestate. Wife was still alive, but in a care home with Alzheimer’s.

Wife was not mentally competent to sign a POA; and neither can she make a will, so she is intestate, too.

Four adult siblings agreed on two of them to be assigned Committeeship on behalf of the mother. One sibling refused, went to court, took a year, cost the old lady’s estate about $70,000.

So now house in East Van sold, 1.5 mill cash. But — cannot call Garth, as Public Guardian and Trustee, who oversee the Committeeship, won’t allow “investment” of the money, as that means “risk”. So 1.5 mill is now in 2% GIC’s.

Until the old lady dies, maybe five years from now, losing over $200,000 in investment returns.

And THEN, because she is intestate, it will take a minimum of a year to clear the estate and distribute it to the children.

Nightmare!

#98 jess on 07.30.18 at 3:19 pm

digital influencers CGI’s (computer generated sales people)
calling this a “she”?

at least we knew barbie was a doll
https://money.cnn.com/2018/07/30/technology/digital-modeling-agency-cgi/index.html

#99 Brett in Calgary on 07.30.18 at 3:32 pm

“Tough situation … but no-one attempted to keep Mom alive when it was no longer possible without machine help.”

I empathize – my mother passed last year with all ducks-in-a-row, or so to speak. I found it amazing how many times I had to reinforce her wishes, “no, she does not want to be resuscitated as per her living will” to the medical staff. Even with the documents in place it it’s not a slam dunk. Sure was a test of my mettle, however.

#100 Linda on 07.30.18 at 3:53 pm

Some people wonder why the push to retire at 55. Is it just an advertising thing & how realistic is it? As to why 55, lots of people see anyone aged 60 plus as having one foot on a banana peel & the other in the grave. More seriously, lots of people seem to start having health issues beginning in their 60’s. Also, depending on when you started working for a living you could well have 35+ years of work by age 55. I think for a lot of folks the ‘mid-life crisis’ is seeing the chance of enjoying life while you are still healthy enough to enjoy it slipping away.

Realistically however for most age 60 is the most likely age where your finances permit you to retire, mainly because you can access CPP, albeit at a reduced rate. For many who have almost ‘enough’, that additional CPP income is often the ‘enough’ to allow them to retire. These are the people who have no major outstanding debt(s), may have a work place pension & have also squirreled away some savings or even (gasp) have funds invested that can produce or do produce some income.

Then there are the dreamers. Whether they are ready or not, they retire. All too often with debts & obligations that are not going away any time soon. These are the people who should work to at least age 65 & maybe even age 70 if they can manage it as CPP/OAS is probably going to be their only income. Not a few of these people made good coin but spent it faster than they could make it, hence the need to keep on working. For those who choose to retire early under these circumstances, its nice to dream but reality is going to be a brutal wake up call.

#101 Piet on 07.30.18 at 4:01 pm

@#44 Ace Goodheart

“It’s all this spinning. Earth around sun. Sun around galaxy. Galaxy around other galaxies. Spin, Spin, spin.

It makes you old.

Every time the earth goes around, you’re a day older.

Go around the sun and you add a year.

If you could just somehow get off this ride.

Stay perfectly still.

You’d live forever.”

Here’s my definition of time: Time is that which, besides space, separates events.

Perhaps what you’re suggesting, Ace, is that if one could somehow eliminate events, then there would be no time.

#102 Bungalow Jack on 07.30.18 at 4:24 pm

SM says “Even at 59 my old hockey days. Still know how a side shot to the temple will take an elephant down.”

lol…that’s funny,
1980 Rep League was eons ago you brown-toothed tiger!

In 2018 you now stand a much better chance of man-handling a shot of a Shirley Temple, though!

In a real street situation these days, pre-conflict deployment of your halitosis would likely be the best bet for you and casinokins…

Keep on truckin’

#103 Westcdn on 07.30.18 at 5:35 pm

I wonder about my thoughts – like why? I was not born into the rich and powerful – quite the opposite. Port Neville and the area have a powerful influence on me. http://gallery.crmuseum.ca/category/gallery/port-neville

I will refer to Trump as The Don (as in mafia) from here until I change my mind. The Don mystifies me. I can’t think like him and I am sure he would never figure me out either – tough to build trust. I am kind of like Spartacus when faced by slavery but that story didn’t end well for him. Does the world want more dead heroes or live cowards? I suspect the latter when they live to brag.

I had to look this one up – Annunaki. Kind of looks like a reference to Anon, the Egyptian sun god. https://www.annunaki.org/
I will not put my life on this theory but most believe death is final. The Annunaki can come and rip the gold out of my dead hands. I believe more in the value of a soul than an ounce of gold. Then, I wonder how black the heart of The Don is because it is important to me. There are few things about him I do like – scaring the hell out of billionaires is one. It looks to me The Don wants to pull a Putin and seize their wealth as he has a high opinion of himself. It has been done before – see Rome Emperors after Julius Caesar.

I am wrong for the person to kowtow, kiss his ring and do what the Don tells me to do without getting my agreement. As a Canadian, getting a draw with the Don is going to be tough at best. Fortunately, I can leave that issue to Tread-eau and MasterButt. I don’t disagree with The Don’s assertion that Tread-eau is weak (doesn’t know how to fight without rules- it is not a pretty place).

I am surprized by the number of Canadians who don’t see what is coming down the pipe. Interest rate increases take a while to bite – six months at least? Even then, rates are historically cheap and good luck passing on higher asset values to fools. Interest rates are correlated to inflation. Why would I loan to lose purchasing power? Not a chance from me. I will borrow and buy the asset instead but I see those times ending. I have said the smart money is in bonds and bonds are being mightily shorted. Why? Rates go up and bonds values fall. The plan is to sell today and buy them back at lower prices. It is simply a bet that interest rates will rise. Then there are currency exchange rates …

My interest rate sensitive shares have suffered recently. I am not too worried as corporate money was borrowed long term so any pain is delayed until the loans are renegotiated higher inflation means higher revenue at fixed cost. So my dividends seem to be secure for a while. Most of my preferred reset in the next six months so sell or hold is on my radar. I have no idea what will happen tomorrow but I can accurately guess further out with time as my friend. I think I will be around for a long time so I will keep the knife edge sharp.

I was thinking it could be fun to calculate the MER (management expense ratio) for corporations just to hear why they are worth the money and I should be grateful for the remaining corporate dividend. The board will be held to account too. I think we would find CEO’s just human beings with strengths and flaws. Let Karma rule and let me rant.

#104 Gravy Train on 07.30.18 at 5:57 pm

#100 Piet on 07.30.18 at 4:01 pm
“Here’s my definition of time: Time is that which, besides space, separates events.

“Perhaps what you’re suggesting, Ace, is that if one could somehow eliminate events, then there would be no time.”

#44 Ace Goodheart on 07.29.18 at 9:23 pm
“It’s all this spinning. Earth around sun. Sun around galaxy. Galaxy around other galaxies. Spin, Spin, spin. It makes you old[….]

“If you could just somehow get off this ride. Stay perfectly still. You’d live forever.”

This may blow both your minds, but space and time are not separate continua, but rather make up a four-dimensional manifold or continuum called spacetime. Here: Read all about it! :)
https://www.britannica.com/science/space-time
https://en.m.wikipedia.org/wiki/Spacetime
https://www.scientificamerican.com/article/what-is-spacetime/